The Federal Reserve met to set the stage for the rest of the year and make one of the most significant actions of Fed Chairman Powell’s one-and-a-half year long tenure. The meeting’s outcome is a quarter-percentage-point interest rate cut, the fifth time since the late 1980s.

Despite unemployment still sitting at a half century low, mild inflation, and the economy growing at a solid rate, this week’s cut is considered a highly unusual decision by many economists which normally would not call for extra stimulus.

Powell and his colleagues at the central bank assured that the decision is not motivated by presidential pressures, but the sole focus on keeping the economy growing. They also stated that it’s better to cut now to prevent a recession than to have to wait until a downturn begins.

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