The Federal Reserve’s decision on September 18th to lower interest rates by half a percentage point, to between 4.75% and 5%, is momentous. As the first cut by America’s central bank since it lifted rates to quell inflation, the shift marks the start of a monetary-easing cycle. It also represents a bet that inflation will soon be yesterday’s problem and that action is required to support the labour market. For the first time since 2005, one of the Fed’s governors in Washington dissented from the decision. Michelle Bowman preferred to cut rates by a quarter-point.