based on the current Fed policy guidance available since June 2025, by the end of 2025 the Fed Funds rate should be ≈3.9%
current one is 4.25%-4.50%, so we either get a larger than 25bp cut or several rate cuts this year
watch the Fed's projection dot plot, not the Fed Funds rate
the 25bp/0.25% cut on September 17th 2025 will happen, and it's mostly priced in
it's the future interest rate policy guidance that can amplify a market move either way