NEW YORK: US interest rates futures turned higher on Wednesday, erasing their earlier losses, as traders reduced their bets on a US rate increase following the release of minutes on the Federal Reserve's policy meeting in July.

Federal funds futures for December delivery were up 1 basis point at 99.53.

This implied traders saw a 47 percent chance the central bank would raise rates at its Dec. 13-14 meeting, down from 58 percent shortly before the release of the minutes, according to CME Group's FedWatch program.

Copyright Reuters, 2016