For the first time since 2008, the Federal Reserve is cutting interest rates.

Fed chairman Jerome Powell announced on Wednesday that the its key interest rate would drop by one-quarter of a point. Powell called the cut a “midcycle adjustment” but wouldn’t guarantee further cuts.

Wall Street reacted negatively to the announcement, with the Dow Jones dropping by 470 points before rebounding in the afternoon.

Source: https://www.foxbusiness.com/economy/federal-reserve-cuts-interest-rates-july-meeting