BlackRock Inc. strategists turned underweight short-dated US Treasuries from overweight, saying the extent of Federal Reserve interest-rate cuts the market is betting on is unlikely to pan out.

Traders on Tuesday kept bets the Federal Reserve will start an expected series of interest rate cuts with a half-percentage-point move downward on Wednesday, an expectation that may itself put pressure on central bankers to deliver just that.

But the Fed faces a big decision about how much to cut in its quest to achieve a “soft landing” after years of inflation.

The Federal Reserve began two days of meetings Tuesday with interest rates on the docket. They will announce their decision Wednesday afternoon.

The Fed is set to cut rates, but by how much is the question.Investors look to futures on the fed-funds rate, which are traded on the Chicago Mercantile Exchange, to answer that. The CME has a useful tool that just spits out the odds of various outcomes,