As expected, and just in time for the election, The Federal Reserve announced it's first interest rate cut since Covid, by 50 basis points.
"In light of the progress on inflation and the balance of risks, at today's meeting the Committee decided to lower the target range for the federal funds rate by a half percentage point" said Federal Reserve Chair, Jerome Powell.
The new federal funds rate is 4.75 percent to 5 percent, after a 2 and a half year battle against inflation, that was all brought on by the Biden-Harris administration.
Economist EJ Antoni, with the Heritage Foundation says, we've seen this movie before.
"This is remarkably similar to what we did in the 1970's" Antoni said, "Where the Fed declared victory on inflation way too soon, started cutting rates, and it only set off another but worse round of inflation the following year."
When asked about the timing of this unusually large cut, just before the election? Fed Chair Powell tried to say that it had nothing to do with it.
"This is my 4th presidential election at The Fed, and it's always the same. It's never about anything else, and nothing else is discussed" Powell told reporters, "This is what we do, our job is to support the economy on behalf of the American people."
But many disagree.
"There certainly are no coincidences when it comes to politics or monetary policy" Antoni told KTRH, "Unfortunately, this Fed has proven itself to be very political."
The next Fed meeting will be in November.