Would Fed chair Jerome Powell opt for a measured, quarter percentage point change in rates, as he had for the last year? Or would he go big with a double-sized cut, signaling that the economy might be deteriorating faster than expected?

But there is a fight that the central bank hasn’t won. Although it might not be its fight at all.

Announcement marks first cut in four years. Powell says rate cut timing has nothing to do with US election 20:29 Powell responded to a question about accusations that an interest rate two months before the election as political motivations,