The Federal Reserve will likely deliver quarter-point interest rate cuts at each of its next three meetings, traders bet on Friday after a U.S. government report showed consumer inflation rose a little less than expected last month. The Consumer Price Index climbed 3.0% in the 12 months through September, the Labor Department's Bureau of Labor Statistics said on Friday, a tick up from its 2.9% increase in August but below the 3.1% expected by economists polled by Reuters.