Watch Fed Chair Jerome Powell speak live on interest rates and the economy

This is Powell’s first speech since the Federal Open Market Committee lowered the central bank’s key borrowing rate a quarter percentage point to a range of 4%-4.25%, the first cut of the year.

In his post-meeting news conference, Powell characterized the reduction as “risk management” as officials become more concerned with weakness in the labor market than the threat from inflation. Meeting participants indicated a likelihood of two more cuts this year followed by additional reductions in the next two years.