The likelihood of the Federal Reserve reducing interest rates by 25 basis points in December is currently 39.6%, according to CME's "FedWatch" tool. Meanwhile, the probability of maintaining the current rates is 60.4%. Looking ahead to January, the probability of a cumulative 25 basis point rate cut rises to 50.2%, with a 29.7% chance of rates remaining unchanged and a 20.2% chance of a 50 basis point cut.