Data from the CME Group on Friday showed raised odds the federal funds rate will fall to 3.00% to 3.25%, down from 4.25% to 4.50% where it is currently.

Traders on Friday bet the Federal Reserve will wait until June to start cutting interest rates after a government report showed stronger than expected jobs growth last month, even as they bet that the first rate cut will be a bigger-than-usual half-point reduction.

He doesn't want to change the central bank's interest-rate policy unless it's really necessary. He was very clear in a Washington speech Friday that he doesn't think a Fed rate cut is necessary. He would much prefer to wait until the next meeting of the Federal Open Market Committee on May 6-7.