I'm too lazy and Nostr search too nonexistent to look for the note, but I'm sure one of my first postings when I first joined Nostr was about how there would be no rate cuts until the election was near.

They would try to keep them high for as long as possible to see if the inflation was tamed, which would bring some votes. But it was long decided that they would bring them down before the election, just enough to produce some vote-inducing headlines and, more importantly, money for the final sprint to the election from rich donors who want low rates to continue the massive accumulation of assets of the last decade.

The consequences can be dealt with after the election, if they deal with them at all. They can raise the rates again, or lower them further and go back to printing. It doesn't matter, that's for later. Rigging the election comes first.