Federal Reserve expected to cut rates, lift Biden’s prospects

The U.S. Federal Reserve looks on track to cut interest rates as the presidential campaign season heats up, potentially delivering President Joe Biden a boost as polls show Americans dislike his handling of the economy. The Fed could play an outsized – and potentially uncomfortable – election-year role by helping shape attitudes about stubbornly high inflation and mounting housing costs that have been a drag on Biden's reelection efforts. Rate cuts will also invite critics – Republican challenger Donald Trump chief among them – to argue an agency set up to be an independent monetary authority is tipping the political scales toward Biden.