Federal Reserve Chair Jerome Powell said during a Wednesday press conference that the first interest rate cut since 2020 is designed to maintain the strong U.S. economy.

In a speech at Jackson Hole, the Federal Reserve chair said the Fed is likely to lower interest rates in September if inflation eased further.

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.