Expectations for Federal Reserve rate cuts have been scaled back significantly, according to recent movements in the futures market. Traders now anticipate that the Fed might only implement one rate cut this year. This sentiment is reflected in the Federal Funds Rate Futures, which show a decreasing likelihood of multiple rate cuts. Specifically, there's a one-in-three chance that the Fed will not deliver any rate cut before the upcoming Election Day, and a one-in-seven chance that it will not cut rates at all in 2024.