New Delhi, Oct. 27 -- The US Federal Reserve is widely anticipated to cut interest rates by a quarter point in its upcoming meeting on Wednesday, October 29, following softer-than-expected CPI data last week-bringing out its policy bazooka for the second time since September.

Analysts said the central bank is almost certain to reduce the benchmark Fed funds rate to a range of 3.75%-4% from the current 4%-4.25%, with traders also anticipating another cut in December.

Signs of a slowdown in the job market and easing domestic prices, analysts believe, could give the Fed additional room for further rate cuts.

The US Consumer Price Index (CPI), released last week, rose 0.3% month-on-month in September, putting the annual inflation rate at 3...