WASHINGTON D.C. — The Federal Reserve opened a two day policy-setting meeting Tuesday, and most economists expect the central bank will deliver its first interest rate cut of the year.

Lee Baker, president and CEO of Claris Financial Advisors in Atlanta, says the question is not whether rates will be cut, but by how much. “The only thing in question in my mind is if we’re talking a quarter of a point or half a point,” Baker said.

He pointed to recent jobs data as a key factor shaping expectations. While tariffs may have clouded the picture, Baker said the bigger surprise on Wall Street would be if the Fed takes no action.

A rate cut would have immediate effects for U.S. consumers, lowering costs on credit cards and other forms of short-term debt. But Baker cautioned that mortgage rates may not follow suit, noting they are tied more closely to 10-year Treasury yields.

Baker advised investors to stay patient during the market swings likely to follow the Fed’s announcement. “If there is a swing in one direction from the other from a market perspective, don’t get jumpy and switch things up,” he said.

The Fed’s decision is expected in two days.

WSB’s Jennifer Perry contributed to this story