BREAKING: Feds Raise Interest Rates for the First Time in a Decade
The rate hike is a small one, but it will affect millions of Americans, including investors, home buyers and savers. Savers will eventually see a little more interest on their deposits at the bank, and mortgage rates will gradually rise.
The move was widely expected. It is a sign of how much the economy has healed since the Great Recession. The central bank believes the U.S. economy is strong now and no longer needs crutches.
The Fed put interest rates near zero during the financial crisis in December 2008 to help stimulate the economy and boost the collapsed housing market.