(Reuters) - Traders trimmed bets Tuesday on Federal Reserve interest rate cuts next year, as early tallies for the U.S. presidential election rolled in through the evening. 

Traders of futures contracts tied to the Fed's policy rate continue to bet the Fed will cut the policy rate by a quarter of a percentage point this week and again in December, but now see the Fed likely stopping its rate cuts after just two more such cuts in the first half of 2025, bringing the rate to the 3.75%-4% range.