The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market.

Federal Reserve Governor Michelle Bowman dissented against Wednesday’s decision for a half percentage point interest-rate cut in favor of a smaller quarter-point cut. Bowman, who was appointed to the board by Donald Trump in 2018,

Fed officials predicted that they would cut interest rates to 4.4% by the end of the year — much lower than the 5.1% they had been expecting in June, when they last released economic estimates. And by the end of 2025, they expect to lower borrowing costs another full percentage point, to 3.4%.