With the unemployment rate jumping to 4.3% and November’s election outcome hanging in the balance, many eyes are focused on the Federal Reserve’s July decision not to cut interest rates. Let’s take a look at where it all stands.

The Fed’s decision was accompanied by a strong promise that a cut would likely be delivered at its September meeting. And that promise was understandably greeted with smiles by Democrats seeking office and frowns by Republicans who say a cut now is bad policy.