The Chairman of the Federal Reserve Jerome Powell finally cut interest rates today, cutting them by a quarter of a point, which sent the Dow Jones soaring.

Here’s more from The Blaze:

The Federal Reserve cut interest rates on Wednesday, sending at least one stock market soaring.

On Wednesday, the Fed announced that it had decided to cut the federal funds rate by a quarter of a point, bringing the new rate range down to 4-4.25%. The committee made the decision to reduce the rate despite continued “uncertainty about the economic outlook.”

While the committee apparently continues to worry about reportedly slowing “job gains” and a slightly higher unemployment rate, at least one market rallied in response to the news. The Dow Jones immediately jumped over 400 points, though those gains soon moderated. As of mid Wednesday afternoon, the NASDAQ and S&P were down.

Late last month, when Fed Chairman Jerome Powell teased a possible upcoming rate cut, President Donald Trump indicated that any such cut would be too little, “too late.”

“He should have cut them a year ago,” the president said at the time. “He’s too late.”