(Reuters) -Traders of futures that settle to the Federal Reserve’s policy rate continued to bet on Friday that the U.S. central bank will cut its target for short-term borrowing costs in September, after inflation by the Fed’s targeted measure cooled to 2.1% in April. 

The Personal Consumption Expenditure price index rose 2.3% in March, and the Fed targets 2% inflation. Traders also kept bets on a second Fed rate cut in December. 

(Reporting by Ann Saphir; Editing by Sharon Singleton)