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What Raised Interest Rates Will Mean
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After seven years of keeping interest rates near zero, Federal Reserve Chair Janet Yellen finally raised interest rates. It was just a .25 percent hike, but it's a vote of confidence for an economy that still hasn't fully recovered from the recession.
Guest
Roger Lowenstein, journalist and author of the new book, "America’s Bank: The Epic Struggle to Create the Federal Reserve." He tweets @RogerLowenstein.
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The New York Times: Fed Raises Key Interest Rate For First Time In Almost A Decade
- "The widely anticipated decision, a milestone in the Fed’s post-crisis stimulus campaign, ends a seven-year period in which the Fed held short-term rates near zero. Even as it raises its benchmark interest rate by 0.25 percentage points, however, the Fed emphasized subsequent increases will come slowly."
CNBC: Fed Raises Rates By 25 Basis Points, First Since 2006
- "At long last, a rate hike for the history books. After seven years of the most accommodative monetary policy in U.S. history, the Fed on Wednesday, as widely expected, approved a quarter-point increase in its target funds rate. The new target will go from 0 percent to 0.25 percent to 0.25 percent to 0.5 percent. Most members expect the new rate to coalesce around .375 percent before the next hike, according to a chart showing individual member expectations."
This segment aired on December 16, 2015.