The Federal Reserve will begin a rate-cutting path, as soon as Sept. 18. Inflation and the economy remain hot topics in the presidential election.

Biden clearly linked the aftermath of the pandemic – with shipping lanes clogged, goods scarce and people shut in and working remotely – to the economic problems he faced. But he also blamed Russian President Valdimir Putin’s 2023 invasion of neighboring Ukraine for driving up energy prices, adding to inflation.

The Federal Reserve on Wednesday 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.