With both the Republican and Democratic national conventions in the rearview mirror, both Vice President Kamala Harris and former President Donald Trump are focusing their campaigning around an issue at the top of voters' minds - the economy.

The Economist/YouGov poll conducted Aug. 11-13 found 54% of voters said the most important issues to them were “inflation/prices,” “jobs and the economy,” “immigration” and “taxes and government spending."

Harris recently unveiled several of her proposals that include tax cuts for the middle class offset by increased taxes on the country's wealthiest individuals, a cap on the costs of every day goods and a $25,000 credit for first-time home buyers.

Trump on the other hand said he would attempt to make America more energy independent, increase tariffs on foreign goods to promote more domestic competition and extend his 2017 tax cuts.

Pace University clinical associate professor Mark Weinstock explained why people are so focused on these ideas.

"When you have a period of high inflation, it takes a long time for voters to get used to the price shock that comes from experiencing higher prices especially in things they're shopping for every week and every month," Weinstock said.

With both inflation and the U.S. job markets cooling, Federal Reserve Chair Jerome Powell said he is prepared to cut interest rates for the first time in years. Officials did not say when the cuts could happen or how large they might be, but they are likely to begin as early as September. The feds have been artificially slowing the economy through a series of interest rate hikes in order to make it more expensive for people to borrow money following the government's decision to pump money into the economy during the pandemic. The SKG Team at Barnum Financial Group certified financial planner Chris Kampitsis said the goal is to slowly lower interest rates in a way that doesn't increase inflation.

"What the fed has said is that they're going to be very data dependent so, they're literally watching how the impact of any rate cuts will impact the economy, one cut at a time," he said.

Kampitsis suggested people who have been saving money during times of high interest rates should begin thinking about their portfolios and whether they are prepared to either move the money into another interest yielding account or start to spend again.

He also urged people prepared to make a big purchase to see if they can hold out for a few more months to get a more favorable rate or refinance debt they previously took on at a less favorable rate.