US RATE FUTURES-Lower as Fed ups GDP forecasts

CHICAGO, July 15 (Reuters) - U.S. short term interest rate futures remained lower on Wednesday after the Federal Reserve revised its growth forecasts for 2009 and 2010.

Futures show the implied chance for the Fed to raise the benchmark fed funds rate to 0.50 percent from the current range of zero to 0.25 percent at 38 percent against 30 percent late on Tuesday, and project a funds rate of 1 percent by mid-2010.

In forecasts released with the minutes of the June policy meeting, the Fed revised its 2009 GDP forecast to -1.5 percent to -1.0 percent from the previous range in April of -2.0 percent to -1.3 percent.