The Federal Reserve raised interest rates Wednesday for the first time since 2006.
Millions of Americans will, of course, be affected with rates going up by a quarter point. If you have a credit card or savings account, invest in a 401(k) plan or in the markets, or want to buy a home or car, now's the time to pay very close attention.
"Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic conditions, the committee decided to raise the target range for the federal funds rate to 0.25 to 0.50 percent," the FOMC's post-meeting statement said. "The stance of monetary policy remains accommodative after this increase, thereby supporting further improvements in labor market conditions and a return to 2 percent inflation."