Rick Rieder, BlackRock's chief information officer, said he still expected the FOMC to cut rates by 25 basis points in December. Rieder said the current target range for the federal funds rate of 4.5% to 4.75% is restrictive. After the December rate cut, the Federal Reserve is expected to pause interest rate cuts, and the FOMC will evaluate the number and speed of rate cuts. By 2025, the Fed is expected to cut rates at least twice, although Rieder did not give a specific time.