U.S. rates futures turn flat after first-quarter GDP, durables data

NEW YORK (Reuters) - U.S. interest rates futures turned flat early Friday, paring their earlier gains, as a upgrade on U.S. gross domestic product in the first quarter and data on durable goods orders in April were a tad stronger than analysts' expectations.

At 8:59 a.m. (1259 GMT), federal funds futures implied traders saw about an 88 percent chance the Federal Reserve would raise interest rates by a quarter point to 1.00-1.25 percent at its June 13-14 meeting , compared with a 83 percent probability before the release of the latest GDP and durable goods data, according to CME Group's FedWatch program.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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