Odds of at least one interest rate increase by year-end rose to 67%, up from 45% last week, according to CME's FedWatch tool.

Recent reports indicating underlying strength in the labor market are giving the Fed some cover to keep interest rates higher.

Following an unexpectedly hot jobs report, prediction market traders see a 52% chance the Federal Reserve increases interest rates this year.

Odds of at least one interest rate increase by year-end rose to 67%, up from 45% last week, according to CME's FedWatch tool.

Another big jobs report in May has swept aside the possibility of interest rate cuts anytime soon.