Interest Rates are one of the Fed's tools in managing the two main economic indicators they track, Inflation and Unemployment.
My observation may be wrong but it seems they weigh Inflation as the more important of the two and would tolerate slightly elevated unemployment over high inflation. Raising rates was a move to make borrowing more expensive to get people to spend cash instead of borrowing, this would reduce demand and lower demand would help bring prices down.
The balance is to slow spending enough to get inflation in check but not enough to spur mass layoffs from demand falling too much. Driving the economy is more like a boat than a car, you can't stop or turn on a dime, you have to use momentum and velocity changes to make gradual moves to stay in the right ranges. Timing is critical.
Both indicators have hit a point where they have to act now or the opportunity to avoid recession will pass. Inflation is near the target 2% and job growth has slowed to where it could get dangerous.
From a pessimist POV the 50 point cut could be a signal that they waited too long, they see recession coming and they are trying to overcorrect.