Traders trim bets on Fed rate cuts after jobs report

Feb 11 (Reuters) - Traders of futures tied to short-term US borrowing costs trimmed bets Wednesday on Federal Reserve interest-rate cuts this year, after a government report showed employers added more jobs than expected last month.

Traders moved to price out all but a one-in-five chance of a Fed policy rate cut by April, versus about a two-in-five chance seen before the data.

Though they are still betting the US central bank will next reduce its policy rate in June, they see almost a 40% chance it will not move then, versus about 25% before the jobs report.