Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on November 01, 2023 at the Federal Reserve in Washington, DC. The Federal Reserve left interest rates unchanged at a range of 5.25 percent to 5.50 percent, keeping rates the highest they have been in 23 years.Kevin Dietsch/Getty ImagesIdeally the Fed will cut rates by a half-point without triggering growth worries, Morgan Stanley says.CIO Mike Wilson noted that the bond market is acting like the Fed is behind the curve.He said defensive and quality stocks are worth owning after the rate cut on Wednesday.Wall Street is bracing for a pivotal interest-rate-cut announcement on Wednesday, and there's still uncertainty around how far the Federal Reserve will go.As of Monday morning, the CME FedWatch tool showed the market is pricing in a 59% chance of a 50-basis-point cut.