The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market.

The Fed’s new Summary of Economic Projections showed policymakers see the Fed’s benchmark rate, now at 4.75%-5.0%, falling by another half of a percentage point by the end of this year, another full percentage point in 2025, and by a final half of a percentage point in 2026 to end in a 2.75%-3.00% range.

In a post-meeting press conference Fed Chairman Jerome Powell said the central bank forecasts for the path of interest rate cuts don’t imply an urgent process and that he doesn’t think it waited too long to begin easing.