Fed Raises Interest Rate for the First Time in Nearly a Decade

Washington, DC, December 17, 2015—The Federal Reserve raised the interest rate from a range of 0% to 0.25% to a range of 0.25% to 0.5% yesterday.

"I feel confident about the fundamentals driving the U.S. economy, the health of U.S. households, and domestic spending," said Federal Reserve chief Janet Yellen. "There are pressures on some sectors of the economy, particularly manufacturing, and the energy sector...but the underlying health of the U.S. economy I consider to be quite sound."

This is the first interest rate hike since 2006.