The Fed didn't want to use up all its bullets so it eased 3/4s per cent.
Of course, it was advantageous to spin it as an inflation-fighting move. This has become the accepted explanation. However, we are getting close to the bottom of the easing barrel. They will ease less because they have no choice. What will they do when the stock market begins to decline? I don't know all the tricks they have left to pull. Also, let's not forget the nearly inevitable, looming war with Iran, which will most likely occur after the elections.