In the face of another global financial catastrophe, the Federal Reserve announced on Wednesday that there will be a one-quarter of a percentage point cut to its key interest rate in hopes of bolstering the domestic economy.

This marks the first cut in interest rates since 2008. The decision came at the close of the two-day Federal Open Market Committee meeting, the policymaking arm of the central bank. Fed Chairman Jerome Powell remarked that this decision is a direct response to a tense geopolitical climate as well as a guard against the potential fallout from Brexit, not to mention Trump’s trade war with China.