According to Charlie Bilello, market pricing implies 25 bps cuts in December 2025, April 2026, and July 2026, with holds in January, March, and June 2026, outlining the current path for the Fed funds rate cycle (source: Charlie Bilello on X, Nov 11, 2025; bilello.blog/newsletter). Bilello reports the target range would step down to 3.50-3.75 percent in December 2025, 3.25-3.50 percent in April 2026, and 3.00-3.25 percent by July 2026, reflecting a gradual easing cadence (source: Charlie Bilello on X, Nov 11, 2025; bilello.blog/newsletter). For crypto traders, the highlighted FOMC windows concentrate macro event risk in December 2025, April 2026, and July 2026, providing clear calendar anchors for BTC and ETH positioning and volatility hedging into those meetings (source: Charlie Bilello on X, Nov 11, 2025; bilello.blog/newsletter).