Futures traders have priced in a higher likelihood of the Federal Reserve pausing on an interest rate hike next month after data showed US consumer prices rose more slowly in March. The chance of a pause in May which would leave the federal funds rate between 4.75% and 5% was seen at 32.8% up from 27% a day ago, said CME FedWatch Tool. Meanwhile, the likelihood of a 25 basis point hike was 67.2%. Treasury yields fell after the report, led by the two-year rate which fell 10 basis points to 3.941%; the ten-year yield dropped six basis points to 3.37%.