The Federal Reserve will meet just two more times between now and the November elections. The big questions are whether the Fed will cut interest rates and how it will affect the presidential showdown.

It has been a year since the Fed changed its interest rate target in any way. In July 2023, the Fed raised rates from 5.25% to 5.50%. The current level is presumably the zenith of the central bank’s historic tightening cycle, which began in reaction to the worst inflation in generations, amid the COVID-19 pandemic.