Market pricing suggests that the Federal Reserve is more likely to raise interest rates this year than to cut them.

According to the Wall Street Journal, after Federal Reserve officials sent some hawkish signals, Wall Street traders are betting that the Fed may raise interest rates this year, although the probability is still small. CME's interest rate futures data shows that traders see an 11% chance of a Fed rate hike this year, up from 5% earlier in the day and 0% on Tuesday, while the probability of a rate cut hovers around 2%.