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US RATE FUTURES-Gains pared after Jan ISM surprise

Fri Feb 1, 2008 10:07am EST

CHICAGO, Feb 1 (Reuters) - U.S. short-term interest rate futures pared earlier gains on Friday when a key measure of U.S. factory activity was reported stronger than expected in January.

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Futures FFJ8 now show a 72-percent chance that the Federal Reserve will slash benchmark rates by another 50 basis points in March, after showing a 90-percent chance after the weak January payrolls report earlier.

The Institute for Supply Management said its index of national factory activity rose to 50.7 in January, showing mild expansion. Wall Street had forecast the index at 47.3.

(Reporting by Ros Krasny; Editing by Theodore d'Afflisio)

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