The Federal Reserve announced Wednesday that it's lowering interest rates for the first time since December 2008 in a move to help maintain economic stability.

The announcement was made following a vote by Fed Chairman Jerome Powell and other policymakers for a small cut in the federal funds rate. The cut passed 8-2, with Powell saying that the Fed would recommit to “act as appropriate” to help maintain economic growth.

Powell said at a news conference that there was no guarantee of future cuts.

“We’re thinking of it essentially as a midcycle adjustment to policy,” Powell said.

He added that officials at the central bank think the cut "will serve all of those goals” he mentioned.

The rate cut comes as little surprise after reports Monday about an impending move.

The cut will mean interest rates are set to float between 2% and 2.25%. Interest rates affect the cost of borrowing for credit cards and mortgages for homes.

The cut is expected to boost the economy and prevent a possible downturn that some economists have said could hit in the next few years.

Powell has also been facing increased pressure from President Trump, who has taken to Twitter multiple times in recent months to criticize him.

The last interest rate cut came amid the 2008 economic downturn, otherwise known as the Great Recession. There has been talk that another recession may be looming in 2020.

Reports coming after the Fed’s last meeting in June had shown gains in jobs, retail sales and general economic growth. However, headlines in 2019 have also been dominated by talk of the trade wars Trump has started with multiple countries, most notably China, leading to economic uncertainty.

A file photo of Federal Reserve Chairman Jerome Powell delivering the Federal Reserve's Semiannual Monetary Policy Report to the Senate Banking Committee on February 26, 2019 in Washington, DC. Joshua Roberts/Getty Images