US RATE FUTURES-Extend gains on weak U Mich

CHICAGO, Feb 15 (Reuters) - U.S. short-term interest rate futures extended earlier gains on Friday after the University of Michigan's consumer sentiment survey for February was much weaker than expected.

Futures FFJ8 show as much as a 44-percent perceived chance that the Federal Reserve will cut benchmark rates by another 75 basis points in March, versus 30 percent late on Thursday. A 50 basis-point rate cut is fully priced.

The Reuters/University of Michigan sentiment index fell to 69.6 from 78.4 in January, and was far below the median Wall Street forecast of 76.3. (Reporting by Ros Krasny; Editing by James Dalgleish)