Traders are adjusting their expectations for interest rate cuts by both the Federal Reserve (Fed) and the Bank of England (BoE) amid recent economic data. The fed-funds futures market indicates a 48% chance of a 25 basis point cut by the Fed in December, down from 63% earlier in the day. Meanwhile, UK money markets reflect an 82% chance of a 25 basis point cut by the BoE in November, which has decreased from 92%. For December, the likelihood of another 25 basis point cut by the BoE has also dropped to 48% from 63%. Goldman Sachs has revised its forecast, now anticipating that the BoE will maintain interest rates in December instead of implementing a 25 basis point cut. Additionally, traders are pricing in a total of 95 basis points of cuts by the end of 2025, indicating a shift in outlook towards fewer rate cuts in the near future.