Biden administration officials have been saying for months that the post-Covid inflation peak is over. On Wednesday, the Federal Reserve agreed.

Given that the US central bank and its chairman Jerome Powell pride themselves on making decisions free from political influence and considerations, the decision to drastically cut the key lending rate is an unbiased confirmation that inflation is now firmly under control and that economic policymakers are primarily concerned with ensuring continued economic growth.

While most Americans wouldn’t be able to pick Powell out of the crowd or explain the Federal Reserve’s duties, the rate move will shape media coverage of the U.S. economy in the final two months of the presidential campaign.

The bigger-than-expected cut could also spark a new stock market rally and lead to substantial drops in interest rates — on credit cards, auto loans and indirect mortgages — that will be felt by consumers across the country.

That’s all good news for Kamala Harris’ presidential campaign, as voter concerns about the economy hurt the election chances of the incumbent vice president and, before he gave up his re-election bid, President Joe Biden.

Since entering the presidential race in July, Harris has walked a fine line, attempting to take credit for the Democratic administration’s successes while distancing herself from the negative perceptions many voters have of Biden’s economic stewardship. The Fed’s move on Wednesday will make that political dance easier for her.

Expect Donald Trump to condemn the move, calling it a partisan attempt to influence the November election. He will also point to the Fed’s concerns about rising unemployment and slowing economic growth in recent times.

He has criticized the central bank and its leadership in the past, and if re-elected, he may be even more inclined to bring the quasi-governmental institution under more presidential influence.

There are a handful of economic reports – on unemployment and economic growth – coming out in the coming weeks that will provide a final snapshot of the U.S. economy as voters cast their ballots. But they will be a reflection of the state of the country.

Wednesday’s rate announcement is different. It will shape America’s economic path for the months ahead.