Derivative markets suggest the Federal Reserve won't raise itstarget interest rate until after September 2015, as comments fromVice Chairman Stanley Fischer indicated escalating concern aboutgrowth outside the U.S.

Rates on federal fund futures show the likelihood of a Septemberrate increase fell to 46 percent, down from 56 percent on Oct. 10and 67 percent two months ago, according to data compiled byBloomberg. The chance of an increase in October is 56 percent. Theimplied yield on the December 2015 Eurodollar contract, the world'smost actively traded futures, traded at 0.82 percent, the lowestsince May 2013 and down from 1.085 percent a month ago.

“If foreign growth is weaker than anticipated, the consequencesfor the U.S. economy could lead the Fed to remove accommodationmore slowly than otherwise,” Fischer said in an Oct. 11 speech atthe International Monetary Fund's annual meetings inWashington.

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