Not enough data to support 50-point rate cut, says wealth advisor

STORY: The U.S. central bank is expected to cut interest rates for the first time in over four years on Wednesday, with speculation over the size of the first rate cut creating volatility across financial markets in the run-up to the decision.

Futures on the fed funds rate now show a 60% chance of a 50-basis point cut. That's up from a mere 25% less than one week ago, when most traders believed the Fed would deliver a smaller, quarter-point cut.

Betz said that while there was "some less stellar-than-hoped-for" corporate guidance and "one hairy unemployment data point," more recent data suggested "the sky was no longer falling."

"So my opinion is the sky is not falling," said Betz. "I think we're going to see a quarter percent."