The Federal Reserve cut interest rates by a half-percentage point Wednesday and is projecting another half-percentage point cut over the course of its remaining two meetings this year, signaling a faster pace of monetary stimulus than analysts had been expecting over the summer.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.

Fed Chair Jerome Powell said at a press conference that the influx of migrants into the U.S. has contributed to the rise in the unemployment rate as they enter the labor market.