The likelihood of the Federal Reserve reducing interest rates by 25 basis points in December stands at 67.3%, according to CME's "FedWatch" tool. Meanwhile, the probability of maintaining the current rates is 32.7%. Looking ahead to January, the probability of a cumulative 25 basis point rate cut is 55.8%, with a 21.8% chance of rates remaining unchanged and a 22.3% probability of a 50 basis point cut.