But while the Fed’s action will surely have political consequences, it wasn’t a political decision. The straight economic case for a rate cut was overwhelming; the case for a big cut was very strong. Not cutting would have been political. And the Fed didn’t let itself be bullied into inaction.

The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.

The Federal Reserve cut its benchmark interest rate a half of a percentage point on Wednesday in a landmark decision that dials back its years-long fight against inflation and could deliver relief for borrowers saddled with high costs.