Federal Reserve Chair Jerome Powell said during a Wednesday press conference that the first interest rate cut since 2020 is designed to maintain the strong U.S. economy.

The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.