GUEST COLUMN, David Dorsey, Kansas Policy Institute. With the Federal Reserve recently cutting its federal funds rate target by 50 basis points to a range of 4.75 percent to 5 percent, Kansas must reassess its economic policies to prepare for the challenges ahead. Lower interest rates may offer short-term relief by reducing borrowing costs, but the continued risk of inflation demands long-term reforms. Kansas can withstand the economic uncertainty created by the Fed by state policymakers taking proactive steps to reform taxes, reduce spending, and deregulate to improve economic freedom and opportunity.