Markets widely expect — pricing in a roughly 97% chance — that the Fed will cut interest rates by 25 basis points in their final FOMC meeting of 2024. However, given recent data that showed the US economy is growing at a solid pace, the labor market isn't rapidly cooling, and inflation's path to the Fed's 2% goal is proving bumpy, many expect the Fed will cut but "recalibrate" how many rate cuts expected for 2025