The Federal Reserve lowered its benchmark rate by a quarter-point Wednesday as an insurance policy not against what’s wrong with the economy now but what could go wrong in the future.

Amid President Donald Trump’s intense political pressure and persistent market expectations, the policymaking Federal Open Market Committee dropped the target range for its overnight lending rate to 2% to 2.25%, or 25 basis points from the previous level.

In approving the cut, the FOMC cited “implications of global developments for the economic outlook as well as muted inflation pressures.” The committee called the current state of growth “moderate” and the labor market “strong,” but decided to loosen policy anyway.