Let the fun begin.
The Federal Reserve on Wednesday raised its benchmark short-term
interest rate for the first time in 9 ½ years, providing a long-awaited
vote of confidence for the recovery from the Great Recession by
beginning to remove the last of the central bank’s extraordinary steps
to boost economic growth.
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Seven years to the day after lowering the rate to near zero, members
of the policymaking Federal Open Market Committee edged it up 0.25
Federal Reserve Chairwoman Janet Yellen explained the decision in a
news conference earlier today. The Times will have her full remarks
below once the Fed makes them available.