The likelihood of the Federal Reserve reducing interest rates by 25 basis points in December is currently 42.9%, according to CME's "FedWatch" tool. Meanwhile, the probability of maintaining the current rates is 57.1%. Looking ahead to January, the probability of a cumulative 25 basis point rate cut is 48.2%, with a 35.6% chance of rates remaining unchanged and a 16.1% chance of a 50 basis point cut.