With greater confidence that inflation is moving sustainably lower and a willingness to preemptively support its employment goals, the Federal Reserve cut the fed funds target range by 50bp (0.50%, to 4.75-5.00%) in order to bolster labor markets and economic activity. This action to initiate an easing cycle represented a "re-calibration" of the central bank's restrictive policy stance. Facing an uncertain outlook and citing economic strength, the Fed declined to issue specific forward guidance as it sought to preserve policy flexibility in order to best respond to incoming data.