WASHINGTON — In September 1992, the Federal Reserve culminated a long-running effort to stimulate the sluggish economy by cutting its benchmark interest rate to 3 percent, the lowest level it had reached in almost three decades.
The cut was avidly sought by the administration of President George H. W. Bush, but it was not enough to change the course of the presidential election. Years later, Mr. Bush told an interviewer that the Fed’s chairman, Alan Greenspan, had cost him a second term by failing to act more quickly and more forcefully…
On Thursday, the Federal Reserve is poised to announce that it will once again seek to stimulate the economy in the middle of a presidential election season.
via History Repeats as Fed Is Expected to Announce Economic Stimulus – NYTimes.com.
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