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Markets are pricing in about a 50% chance of a rate cut of at least 25 basis points as soon as May, according to the CME Group's FedWatch Tool, up from about 41% a week earlier.

Despite the US economic data, views for the Federal Reserve remained largely intact, with expectations the central bank will hold rates steady at the conclusion of its Sept. 19-20 policy meeting at 97%, according to CME's FedWatch Tool, up slightly from the 96% on Wednesday.

Futures markets on Friday priced a nearly 73% chance that rates don’t rise above current levels through the end of the year, according to CME’s FedWatch tool, up from 24% a month ago.

Traders were pricing in an 86.8% chance that the Fed will hike rates by 25 basis points to 5.25%-5.50% range in its July meeting, according to CMEGroup's Fedwatch tool, up from roughly 72% a week earlier.

Following the hawkish views, traders were pricing in an 81.8% chance the Fed would hike interest rates by 25 basis point to 5.25%-5.50% range in its July meeting, according to CME Group's Fedwatch tool, up from 74.4% a week ago.