ByJohn S. McClenahen As June 25 comes closer, expectations are rising that Chairman Alan Greenspan and his colleagues on the Federal Open Market Committee (FOMC) will opt for a 50-basis-point cut in the influential federal funds target rate. For example, David A. Rosenberg, chief North American economist at Merrill Lynch & Co., New York, notes that futures "are appropriately priced for a 2-in-3 chance" of a 50-basis-point cut in the rate to 0.75%. The target rate has been at 1.25% since Nov. 6, 2002, when the FOMC lowered it 50 basis points from 1.75%. The FOMC begins a two-day meeting on June 24, with an announcement of its decision on the federal funds target rate expected about 2:15 p.m. Eastern time on June 25.