Fed Chair Janet Yellen Announces Interest Rate Hike

YELLEN: "Today the Federal Open Market Committee decided to raise the target range for the federal funds rate by one quarter percentage point, bringing it to three quarters to 1 percent. Our decision to make another gradual reduction in the amount of policy accommodation reflects the economy's continued progress toward the employment and price stability objectives assigned to us by law. For some time, the committee has judged that if economic conditions evolved as anticipated, gradual increases in the federal fund rate would likely be appropriate to achieve and maintain our objectives. Today's decision is in line with that view and does not represent a reassessment of the economic outlook or of the appropriate course for monetary policy."