Janet Yellen Announces Fed Rate Hike for the First Time in Seven Years

"Good afternoon. Earlier today the Federal Open Market Committee decided to raise the target rage for the federal funds rate by one quarter percentage point bringing it to one quarter to one half percent. This action marks the end of an extraordinary seven year period during which the Federal funds rate was held near zero to support the recovery of the economy from the worst financial crisis and recession since the Great Depression. It also recognizes the progress that has been made towards restoring jobs, raising incomes and easing the economic hardship of millions of Americans. It reflects the committees confidence that the economy will continue to strengthen. The economic recovery has clearly come a long way although it is not yet complete."