[bond traders are no longer confident that the Fed will raise interest rates again.] Bond traders are no longer fully confident that the Fed will raise benchmark interest rates by another 25 basis points. The benchmark interest rate for the June swap contract is now only 20 basis points higher than the current effective federal funds rate, meaning that the probability of raising interest rates once at the next two policy meetings is about 4/5. They had expected a near-certainty for the Fed to raise interest rates in May, and there was some possibility of further hikes in June. The swap contract also showed a rise in easing expectations after the Fed's interest rate peaked, and the market is expected to lower its benchmark interest rate to 4.3% by the end of the year. The effective federal funds rate is currently 4.83%.