Traders bet Fed won't raise rates in first half of 2016

(Reuters) - U.S. short-term interest rate futures contracts erased earlier gains on Wednesday after the Federal Reserve signaled concern headwinds from abroad could slow the U.S. economic recovery.

Fed funds futures contracts show that traders now expect the U.S. central bank will wait until July before raising rates, and will hike rates just once more before year-end.

(Reporting by Ann Saphir, editing by G Crosse)