The Fed has begun to rectify that abnormality with its half-point rate cut. This vastly improves the odds of a soft landing. It might even leave the economy and interest rates loo

Prospects of a “soft landing,” where the Fed brings down inflation without pushing the economy into recession, have lifted stocks and bonds this year, though signs of a softening labor market have fueled worries that the Fed may be too late in acting to shore up growth.

The Federal Reserve cut interest rates Wednesday by half a percentage point, an unusually large move and a clear signal that central bankers think they are winning.