The Federal Reserve on Wednesday is widely expected to cut its key rate by a quarter point to about 4.1%, which would be the first reduction since last December.

The Federal Reserve has revised its forecast for inflation this year, predicting that core inflation — which doesn’t include the cost of food or gas — could rise to 3.4% by the year’s end. Fed Chair Jerome Powell said that while the economy is growing strongly, the U.S. is still down 7 million jobs.