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 Fed's decision will lower borrowing costs from a 23-year high as the central bank pivots to shoring up economic growth.

The Federal Reserve handed down a large interest rate cut this week, dialing back the central bank's fight against inflation and signaling welcome relief for borrowers. It remains to be seen, however,