Traders on Tuesday scaled back their bets on a Federal Reserve rate cut next year as the US Presidential Election vote tally rolled into the evening. Interest rate futures traders continued to bet that the Fed would cut rates by 25 basis points each this week and in December, but now expect the Fed to stop cutting rates after two 25 basis point cuts in the first half of 2025, with the target range for the federal funds rate falling to 3.75% -4%.