Smooth sailing

The Fed’s rate cut won’t have much of an impact on the economy. Here’s why.

The Federal Reserve, America’s central bank, lowered its main interest rate by half a percentage point last week. Your interpretation of what that means for the economy will depend on your predictions over the last few years. If you thought a recession was on the way, then you probably think the cut suggests that a downturn lurks around the corner. If y…