The Fed is expected to cut rates by 25 basis points at each of its November and December meetings, Fitch said, and the Fed's rate cuts are still likely to remain modest overall in this easing cycle. The US job market is not expected to deteriorate significantly, and despite the Fed's rate cuts, the US federal funds target rate (cap) is expected to fall to 4.5% by the end of this year, 3.5% by the end of 2025, and to neutral 3.0% by June 2026.