The Federal Reserve is putting inflation in the rearview mirror as it crosses into unfamiliar and potentially treacherous economic territory.

The dollar bounced, long-dated bond yields were up and Asian stocks surged after the Federal Reserve announced a 50-basis-point rate cut and flagged a measured easing cycle ahead, leaving open a path to a soft landing for the U.

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