Market expectations are shifting around the Federal Reserve's near-term monetary policy stance. According to CME's FedWatch tool, traders are pricing in a 95% probability that the Fed will maintain current rates through January, with just a 5% chance of a 25 basis point reduction. Looking ahead to March, the market sees an 78.4% likelihood the central bank holds steady, compared to a 20.7% probability of a cumulative 25 basis point cut by that point. Notably, the scenario involving a total of 50 basis points in cuts across both meetings remains extremely unlikely, with odds standing at merely 0.9%—underscoring market sentiment that aggressive easing is off the table for now. The data reveals investors view the Fed's near-term path as largely restrictive, with rate cuts appearing measured and sparse if they materialize at all in the coming months.