NEW YORK (Reuters) - U.S. short-term interest rates futures fell to session lows on Wednesday as upbeat data on retail sales and consumer prices in January reinforced the view the U.S. economy is picking up momentum which may push the Federal Reserve to raise rates faster.

Federal funds futures for March delivery declined to their lowest in two weeks <FFH7>, implying traders saw a 27 percent chance the central bank will raise short-term rates by a quarter of a percentage point at its March 14-15 policy meeting. This compared with an 18 percent chance seen late on Tuesday, according to CME Group's FedWatch program.

(Reporting by Richard Leong Editing by W Simon)

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