#FOMCMeeting When the Federal Reserve decides what to do with interest rates to manage the economy, the data often speaks for itself. Policymakers, for example, knew they needed to quickly cut interest rates in 2020 when the wheels of commerce abruptly stopped at the onset of the coronavirus pandemic. Two years later, with inflation rising to its highest level in 40 years and abundant employment, the central bank raised borrowing costs to cool down the economy and bring prices back under control.