By Steve Goldstein
WASHINGTON (MarketWatch) -- Fed fund futures declined on Friday after the stronger-than-forecast jobs data, with the biggest moves focused on contracts that expire in 2013 and 2014. The market in effect sees the first rate hike from the Federal Reserve by the summer of 2014 compared to the Fed's guidance that the first hike won't come until the end of 2014 at the earliest. The higher the Fed funds future, the lower the implied interest rate. The effective Fed funds rate was 0.11% on Thursday.
