Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.

The Federal Open Market Committee voted Wednesday to lower interest rates by 50 basis points, bringing the federal funds rate down from two-decade highs after more than a year of watching and waiting.

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.