The Federal Reserve’s decision to lower interest rates by half a percentage point, announced on September 18th, is momentous for two reasons. As the first cut by America’s central bank since it jacked up rates to quell inflation, it marks the start of a monetary-easing cycle. It also represents a bet by the Fed that inflation is yesterday’s problem and that action is needed now to support a teetering labour market. For the first time since 2005, one of the Fed’s governors in Washington, DC, Michelle Bowman, dissented from the decision. She preferred to cut rates by a quarter-point.