Controversy arises as the Federal Reserve decides whether to cut interest rates less than 50 days before an election. Justin Wolfers argues the Fed should be "responding to the data, rather than the electoral cycle, or the demand of either side of politics. And at the present moment, the data suggest that we're currently stuck with interest rates that are too high. The Fed raised rates because it needed to bring inflation down. Inflation is now back near the Fed's target. It follows that the Fed needs to cut rates."
