The Federal Reserve hit the ground running on Wednesday with a big rate cut to kick off its easing cycle, signaling its seriousness about wanting to fend off any further deterioration in the labor market.

The president’s speech on Thursday won’t be a “victory lap,” officials said, but it will celebrate falling inflation and borrowing costs along with solid growth.

Republican presidential candidate Donald Trump said the Federal Reserve’s decision to lower its benchmark interest rate by a half percentage point was a “political move” and that a smaller cut would have been preferable.