Traders of short-term U.S. interest rates added to bets Wednesday that the Federal Reserve is done raising its policy rate and will start cutting rates by June of next year, after the U.S. central bank announced it had decided to hold the policy rate steady in its current 5.25%-5.50% range for now.

Futures contracts that settle to the Fed's policy rate reflect about a 25% chance of a rate hike by the Fed's January meeting, less than the 35% chance seen before the Fed's policy announcement.

(Reporting by Ann Saphir)