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Fed announces historic rate increase, first since 2006

Federal Reserve Chair Janet Yellen speaks during a press conference following the announcement of an historic rate increase, in Washington, DC on December 16, 2015The Federal Reserve announced Wednesday its first interest rate increase in more than nine years in a landmark move signaling the US has finally moved beyond the 2008 crisis. The move also imprinted Janet Yellen’s personal stamp on US monetary policy after nearly two years as Fed chair spent plotting to reverse course from the easy-money stance bequeathed by her predecessor Ben Bernanke. The Fed raised its benchmark federal funds rate, locked near zero since the financial crisis, by a quarter point to 0.25-0.50 percent, saying the economy is growing solidly and should accelerate next year to a respectable 2.4 percent pace.

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