"The Fed is more worried about the labor market and less concerned about inflation at this point," a Glenmede analyst said.

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

The Federal Reserve will begin a rate-cutting path, as soon as Sept. 18. Inflation and the economy remain hot topics in the presidential election.