Federal Reserve Chair Jerome Powell discussed the central bank’s decision to cut interest rates by a half percentage point, its approach to considering further rate cuts at future meetings, and the outlook for the economy and inflation,

Federal Reserve Chairman Jerome Powell is speaking at a press conference right after a federal interest rate meeting. The Fed decided to lower interest rates by half a percentage point, the larger cut of the two options.

The FOMC was clearly worried that expectations for 25 basis points were too entrenched, so they briefed on background. But the practice seems antiquated in the new era of central bank press conferences, if not superfluous.