It's the event that will turn the markets. The question is: in which direction?

The Federal Reserve will deliver its decision on interest rates Wednesday afternoon, and many of the largest financial firms — including Wells Fargo — hope it will calm down Wall Street.

"Will the FOMC say effectively, 'Hey, we're data dependent. It's meeting to meeting,' or will the Fed lead the market to think a couple of more hikes and we're more or less done? That's really the crux of the matter," said Michael Schumacher, Wells Fargo's global head of rate strategy.

Schumacher predicted Tuesday on CNBC's "Futures Now" that the Fed will scale back the number of rate hikes next year.

Despite that prediction, Schumacher doesn't believe it will have anything to do with the ongoing stock market correction.

"Think back to late January, early February. During that time the S&P fell about 10 percent in two weeks," he said. "The drop recently has been dramatic, but not that dramatic. Did that change the Fed's path? No. Is it going to change it this time? We doubt it."