Federal Reserve Chairman Jerome Powell is speaking at a press conference right after a federal interest rate meeting. The Fed decided to lower interest rates by half a percentage point, the larger cut of the two options.

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,

The Fed cut interest rates by half a percentage point yesterday—the first cut in four years and double the 25 basis points that many expected from the central bank. And yet the markets dipped down, perhaps because of a perceived disconnect between Fed Chair Jerome Powell’s sunny prognosis that “the economy is in good shape” and the committee’s bold action that suggests a possible recession on the horizon.