US RATE FUTURES-Slip after June PPI, retail data

CHICAGO, July 14 (Reuters) - U.S. short-term interest rate futures slipped after the release of U.S. June retail sales and producer price data, slightly raising the implied prospects for a Federal Reserve rate hike in late 2009 or early 2010.

The implied chance for the Fed to raise the fed funds rate to 0.50 percent from the current range of zero to 0.25 percent was 34 percent against 30 percent late on Monday.

June's producer prices jumped by 1.8 percent, well above the consensus forecast. Total retail sales rose more than the consensus, mostly on a pickup in auto sales.

(Reporting by Ros Krasny, editing by W Simon)