The politics of rate cuts are going to get worse

Whenever the Federal Reserve decides it’s time to start cutting interest rates, officials say it won't be about the politics. Chair Jay Powell has tried to make that very, very, very clear in recent months.

But outside the U.S. central bank, the political currents swirling up and around that decision have a weight of their own. And the closer we get to the general election, the harder those currents are going to buffet the Fed.