The magnitude of the Fed's first rate cut will affect the overall rate cut this year, Deutsche Bank market strategist Jim Reid said in a note. If the Fed cuts rates by 25 basis points on Wednesday, Deutsche Bank expects the Fed's forecast to show a total of 75 basis points this year. If the Fed chooses to cut rates by 50 basis points, they expect to cut rates by 100 basis points by the end of the year. How much the Fed will cut rates this week remains uncertain, according to Refinitiv, with money markets pricing in a 59% chance of a 50 basis point cut and a 41% chance of a 25 basis point cut.