BlackRock’s CIO, Rick Rieder, expects the FOMC to cut interest rates by 25 basis points in December. He believes the current federal funds rate range of 4.5% to 4.75% is restrictive. After the December
rate cut, the Fed will likely pause further cuts, and assess the number and pace of future cuts. By 2025, the Fed is expected to cut rates at least twice, but Rieder did not give a specific timeline.