President Joe Biden is celebrating the Federal Reserve’s decision to lower interest rates by saying it shows that inflation has eased.

Here’s how inflation and the cost of borrowing have changed since the Fed started raising interest rates in March 2022. After peaking at 9.1% in June 2022, inflation has eased, falling to a three-year low of 2.5% in August, just above the Fed’s 2% target rate.

The Federal Reserve on Wednesday almost certainly will lower interest rates for the first time in more than four years as the U.S. central bank starts to reverse the restrictive conditions it imposed to beat back inflation,