The Federal Reserve would prefer to keep its distance from politics. But it just took a bold step to boost the economy weeks ahead of a high-stakes election -- so good luck with that.

For most central bank officials, there was a clear economic case for to lower borrowing costs by half a percentage point -- a bigger-than-usual move -- now that inflation has been tamed and the job market is losing steam.

Awkwardly for policymakers, the first rate cut in four years arrives near the climax of a presidential contest that may hinge on how voters feel about the economy. Monetary policy ...