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The learning rate is a parameter which controls how much to adjust the weights by. At the beginning of the training, the weights are random and relatively large adjustments are appropriate. As the weights converge towards a locally optimal solution the adjustments need to be smaller or the weights will overshoot their optimal values.
The LR drop (learning rate drops) are when the parameter controlling the size of the adjustments to the weights is reduced.
When it is done at the correct time the adjustments stop overshooting so progress improves for a while. By the time of the second LR drop the weights are close to the local optimum, so it is generally the last phase to squeeze out a few more ELO (about 30-40 in the case of T30)