Short-term U.S. interest rates are likely to be lower on Inauguration Day in 2025 than they are on Election Day, and that means the U.S. Federal Reserve almost certainly will continue to cut the benchmark federal funds rate — not just this week but at its December meeting as well.

Markets are pricing in a near-certainty that the FOMC will lower its benchmark rate by a quarter percentage point.

The central bank continued to ease, but a new administration in Washington clouds the outlook for future policy moves.