Wall Street is betting that Federal Reserve Chairperson Jerome Powell will confirm an imminent rate cut at the annual meeting in Jackson Hole. But equity traders are likely to be disappointed as the focus shifts from "will it be cut" to "how much". "If traders hear that a rate cut is coming, the stock market will react positively," said Eric Beiley, executive managing director of wealth management at Steward Partners Global Advisory. "If you don't hear what you want, it will trigger a massive sell-off." Markets fully expect the Fed to start cutting rates at its September meeting. But it was easy for Mr. Powell to be tight-lipped about the timing of a rate cut when he spoke on Friday. In his nature, he is also likely to take a cautious, vague approach to revealing how much interest rates might fall once the Fed completes easing. "The market is confident that rates will be cut soon," Beiley said. It would be a huge surprise if Mr. Powell did not stress that this is the way forward.