The US Federal Reserve left interest rates unchanged last week. However, it left financial markets in no doubt that a cut is imminent, with Chair Jerome Powell noting one might be on the table at the next meeting in September. Inflation is headed toward its target, and cracks are appearing across the economy. A recession isn’t upon us, but the risks of one might be increasing. So will September prove too late, and did the Fed just make a mistake by not cutting last week?