The Fed just cut rates on the cusp of an election. Here's how policy shifts unfolded during past presidential races

"This is my fourth presidential election at the Fed," Powell said in a press conference following the Fed's policy meeting in late July. "(A)nything that we do before, during, or after the election will be based on the data, the outlook, and the balance of risks and not on anything else."

Republican presidential nominee Donald Trump said earlier this year he thought the Fed might lower rates to help Democrats in the Nov. 5 election. Trump said last month that presidents ought to have a say over Fed decisions.

The Fed has changed interest rates in all but two presidential election years dating back to 1972, and its actions have been closely divided between increases and reductions. The policy rate has risen in five election years and fallen in six.

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