Capital Economics analyst Paul Ashworth said in a note that the Fed is likely to continue cutting interest rates by 25 basis points until the federal funds target rate falls to a range of 3% -3.25%. This would be higher than the widely expected end point rate of 3.25% -3.5% or higher, according to CME data. Ashworth expects the Fed to cut rates by 25 basis points in November, which is also the loudest of market expectations, although the odds of keeping rates on hold in November have risen to 22% from 15% yesterday.