The Federal Reserve kicked off its campaign to lower interest rates with a larger-than-typical half percentage-point cut, while the Bank of England decided against a second consecutive reduction.

European stocks jumped on Thursday after the U.S. Federal Reserve delivered a 50-basis-point rate cut and flagged that further easing would be measured, raising hopes of a soft landing for the American economy.

The Fed slashed their interest rate forecasts even though their forecasts for core PCE inflation are not set to fall back to the Fed’s own target rate until 2026. The Fed has ditched waiting for inflation to fall back to target before aggressively starting their rate-cutting campaign.