The Federal Reserve raised interest rates for the first time since 2006, ending what Chairwoman Janet Yellen called an “extraordinary period” in which the bank sought to revive the economy in the aftermath of the Great Recession.
Policy makers on Wednesday voted 10 to 0 to lift the Fed’s short-term borrowing rate by a quarter-point to a range of 0.25% to 0.5%. The Fed’s short-term rate had kept near zero for seven years, marking an unprecedented era in the history of U.S. monetary policy triggered by the worst financial crisis and economic downturn since the 1930s.
http://www.marketwatch.com/story/fed-enters-new-era-of-higher-rates-2015-12-16
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