Federal Reserve Chair Jerome Powell discussed the central bank’s decision to cut interest rates by a half percentage point, its approach to considering further rate cuts at future meetings, and the outlook for the economy and inflation,

Would Fed chair Jerome Powell opt for a measured, quarter percentage point change in rates, as he had for the last year? Or would he go big with a double-sized cut, signaling that the economy might be deteriorating faster than expected?

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.