US RATE FUTURES-Drift down on hawkish FOMC minutes

CHICAGO, July 16 (Reuters) - U.S. short-term interest rate futures inched lower on Wednesday after minutes from the June Fed policy meeting showed a focus on inflation risks.

Futures raised the implied prospects for the Federal Reserve to hike benchmark lending rates by year-end to 74 percent from 64 percent shortly before the minutes were released.

Federal Open Market Committee members believed that the Fed's next policy change could be a rate increase, the minutes showed.

(Reporting by Ros Krasny, Editing by Chizu Nomiyama)