The one big question that remains around the Federal Reserve's plans to cut interest rates is by how much?

"The economic impact between a 25 and 50 basis point rate cut is very small, at least from on the loan rate side around $4 billion, which is nothing in the grand scheme of things. I think it's more important what [Fed Chair Jerome] Powell says and what we see in terms of rate projections, how quickly they'll be cutting rates over the next year," Ritholtz Wealth Management Chief Market Strategist Callie Cox tells Yahoo Finance anchor Julie Hyman at the Future Proof Festival.

Cox underlines the fact that "words matter" as Powell is set to give a press conference at 2:30 p.m. ET following the Fed's rate policy decision: "So I want to get updated context from Powell on the job market, how worried he is about unemployment over the next year or so. He's been saying he's not worried but it's time to cut rates. So what's going on there, what's the dynamic?"

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This post was written by Luke Carberry Mogan.