For the first time in nearly ten years, the Federal Reserve has raised interest rates. Bloomberg reports that the Federal Open Market Committee unanimously voted to set the new target range for the federal funds rate at .25 percent to .5 percent, up from zero to .25 percent. Four quarter-point increases are expected in the next year.
This increase ends a period of record-low rates that were designed to stimulate the U.S. economy following the Great Recession. For more on this story, click here.