Federal Reserve Faces Election-Year Pressures on Interest Rates

• Federal Reserve expected to cut interest rates before November election, which could boost Biden's reelection prospects • Rate cuts would likely lower mortgage rates and borrowing costs, helping build confidence in economy • But rate cuts may be too small or come too late to significantly sway voters' views on economy and inflation • Republicans already linking rate hikes to "Bidenflation," will criticize any rate cuts as political move to help Democrats • Fed Chair Powell facing criticism from both Biden and Trump camps regardless of what central bank does on rates