With just over three hours to go before the historic FOMC meeting, markets are now pricing in a 60% chance of a 50 basis point rate cut, the widest range of forecasts in more than 15 years.

However, most economists are leaning toward a 25 basis point cut. According to a Bloomberg survey, only 9 out of 114 economists believe the Fed will cut 50 basis points, while the remaining 113 predict a 25 basis point cut.

Wells Fargo, on the other hand, advises investors to focus on the Fed’s future direction rather than debating between the two cuts. According to them, whether the Fed cuts 25 basis points or 5 basis points, the market will not react strongly, as it did in 2001 and 2007.