Fed Chair Jerome Powell entered a new phase in his campaign to softly land the U.S. economy, lowering interest rates Wednesday with an audacious half-point cut. The move raised new questions the central bank can’t easily answer. At the same time, the rate cut did clarify the answer to a more important question about the Fed’s overarching goal. It underscored Powell’s desire to prevent the central bank’s past rate rises from tipping the economy into recession now that inflation is heading down. But chief among the questions the Fed can’t easily answer now that it is cutting: Where is the Fed taking rates and how fast will it get there?

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