The Federal Reserve cut its benchmark interest rate by 0.25 percentage points to 4.00%-4.25% in an 11-1 vote, signaling two more cuts may come before year-end amid slowing job growth and persistent inflation.

Chair Jerome Powell described the move as “risk management,” though some economists see it as active economic steering.

The decision reflects heightened concerns about the U.S. labor market while balancing the Fed’s goals of stable prices and full employment, with markets reacting with mixed volatility, CNBC has reported.