The most important Federal Reserve decision day is upon us and market participants wait with bated breath regarding what Chairman Jerome Powell and his rate-setting committee team would deliver. Betting market odds suggest a steeper cut is more likely than a shallow one most economists have been factoring in.

The Odds: The September Federal Open Market Committee meeting kicked off on Tuesday and the central bank will announce its rate decision via a post-meeting policy statement at 2 p.m. EDT. The apex bank will also release its latest "Summary of Economic Projections," which consists of the dot-plot...