With its larger-than-usual half-point cut to its key interest rate last week, the Federal Reserve underscored its belief that it’s all but conquered inflation after three long years.

As inflation cools and the Federal Reserve cuts rates, an era of economic upheaval is coming to a close, but not without lingering marks.

Most Americans remain unhappy with the economy, still bruised by an inflation rate that hit a four-decade high two years ago as the economy rebounded from the pandemic recession.

With U.S. markets now mapping the extent of the Federal Reserve's easing cycle ahead, the prospect of inflation undershooting the central bank's target adds a new twist. Last week's hefty half-point Fed rate cut leaves another 200 basis points of easing before the central bank gets back to what Fed officials themselves see as a long-term 'neutral' rate at 2.