According to CME's FedWatch Tool, there is a 69.4% probability that the Federal Reserve will cut interest rates by 25 basis points in December, while the likelihood of keeping rates unchanged stands at 30.6%.

Looking ahead to January next year, the probability of a cumulative 25-basis-point rate cut is 56.9%, with a 20.8% chance of rates remaining unchanged. Additionally, there is a 22.3% probability of a total 50-basis-point reduction in interest rates by then.