The Federal Reserve signaled Wednesday it would lower interest rates two more times this year after it slashed its benchmark federal funds rate by 50 basis points to a range of 4.75%-5.0% at the conclusion of its meeting on Wednesday.

The central bank’s economic projections also showed another full percentage point of interest rate cuts in 2025, while rates are expected to settle near 2.9% in the following years.Fed officials expect the unemployment rate to rise by the end of the year and remain elevated into 2025 before moving lower in the longer run.

The Federal Reserve announced an interest rate policy decision to cut interest rates by 0.5% on September 18. This decision was accompanied by FOMC member forecasts.