According to Odaily Planet Daily, Forvis Mazars chief economist George Lagarias told CNBC on Thursday that while no one can guarantee the size of the Fed's interest rate cut at its upcoming meeting, he is "firmly" in the camp calling for a 25 basis point cut.

Lagarias believes there is no urgency for a 50 basis point rate cut and it could send the wrong message to the market and the economy. He noted that a recession could be a self-fulfilling prophecy and there is no need to cause panic unless something happens to upset the market.