May 22 (Reuters) - Traders reduced bets on Wednesday that the U.S. central bank will cut interest rates more than once this year, as minutes of the Federal Reserve's April 30-May 1 policy setting meeting showed rate-setters thought inflation could take longer to ease than previously thought.
Futures that settle to the Fed's policy rate reflected about a 59% chance the Fed will cut rates by September, down slightly from before the minutes were released. Contracts reflected about even odds of a second rate cut by December, less than the 54% seen earlier in the day.
(Reporting by Ann Saphir Editing by Chris Reese)
