Investors All But Certain of Fed Quarter-Point Rate Cut

It's Federal Reserve decision day, and investors are all but certain that they've figured out the central bank's next move.

Traders pricing in a 94% chance of a quarter-point interest-rate cut, according to the CME FedWatch tool. The odds of an outsized half-point cut stand at 6%.

The consensus on Wall Street is that policymakers will lower borrowing costs to support the faltering U.S. labor market. The key focus for investors will be comments from Fed Chair Jerome Powell and the central bank's dot plot, which will give the market a better idea of where rates are headed.