Unsurprisingly, the Fed cut rates a quarter-point. But the benefits of the cuts are waning. That’s because home construction has shrunk from about 5% to 3.5% of GDP, the wealth effect has weakened as equities and homeownership are increasingly concentrated among those with higher incomes (whose spending is less influenced by economic conditions), and because corporate investment has fallen due to reduced consumer spending, trade uncertainty and slowing global growth.