The Fed announced an unusually large rate cut

The Federal Reserve cut interest rates by half a percentage point today, lowering them to about 4.9 percent. That’s down from a more-than-two-decade high of about 5.33 percent.

The decision shows that central bankers think they are winning the war against inflation and are now turning their attention to keeping the job market from weakening further.

“Our patient approach over the past year has paid dividends,” Jerome Powell, the Fed chair, said.

Central bankers expect to cut interest rates more in the months to come, but they are not on a preset path, Powell said. They could speed up if the economy is weak and slow down if it’s strong. Here are key takeaways from the Fed’s decision.

More devices exploded in Lebanon

At least 20 people were killed and hundreds were wounded when walkie-talkies owned by Hezbollah members exploded across Lebanon today, the second attack involving booby-trapped devices in two days, according to Lebanese and Hezbollah officials.