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,

It was the half-basis-point cut heard round the world. On Wednesday, the Federal Reserve cut interest rates for the first time in four years, and policymakers went further than central bank watchers had expected, lowering its target range for the federal funds rate to 4.75 from 5 percent.