The Federal Reserve on Wednesday cut interest rates by a quarter point, bringing its benchmark short-term rate to a range of 4.25% to 4.5%.

The central bank’s latest move is an attempt to ease pressure on America’s economy from elevated interest rates to preserve the labor market’s health.

The Fed also signaled in its policy statement that it is leaning toward holding rates steady in the future, since inflation remains stubbornly above the central bank’s 2% target. The US economy has also proved remarkably resilient in the face of elevated borrowing costs, giving the Fed some reassurance that it can stand pat without risking any undue economic damage.

The projections overall suggest Fed officials expect the US economy next year to be buoyant, with no recession in sight. They expect inflation to reach their target over a longer period than they previously estimated, not touching 2% until 2027.