But while the Fed’s action will surely have political consequences, it wasn’t a political decision. The straight economic case for a rate cut was overwhelming; the case for a big cut was very strong. Not cutting would have been political. And the Fed didn’t let itself be bullied into inaction.

When the Federal Reserve closes its latest policy meeting Wednesday afternoon, the widespread expectation is that it will announce the first cut to its main interest rate in more than four years. It would be a momentous event,