The Federal Reserve is cutting interest rates for the first time since the 2008 financial crisis, the year the bitcoin whitepaper was released. 

In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%. In a statement, the Fed pointed out that the U.S. economy has seen steady growth, with the unemployment rate remaining low and household spending increasing from earlier in the year. The agency also noted that inflation is running below 2 percent. 

However, the agency still decided to cut the interest rate “in light of the implications of global developments for the economic outlook as well as muted inflation pressures.”

With this cut, the Fed hopes to sustain the expansion of economic activity, although it also cautions that uncertainties remain about this outlook.