Major brokerages expect the U.S. Federal Reserve to deliver 25-basis-point interest rate cuts at each of its two remaining monetary policy meetings this year, following the widely anticipated quarter-point reduction in September.

BofA Global Research is the only major brokerage forecasting a single rate cut from the U.S. central bank this year.

While the Fed is widely expected to cut rates at this week's policy meeting ending Wednesday, markets will closely watch for any signs that the central bank may be preparing to wind down its quantitative tightening program.

Focus will also be on whether Fed Chair Jerome Powell offers any guidance on the outlook for the rate cuts, with the government shutdown leaving officials in the dark on fresh economic indicators.

Here are the forecasts from major Wall Street brokerages for 2025: