(NBC News) The Federal Reserve has raised interest rates for the first time in nearly a decade.
Federal Reserve Chair Janet Yellen made the announcement Wednesday afternoon following a two-day meeting in Washington, D.C.
Yellen expressed confidence that the U.S. economy has sufficiently recovered enough to withstand the rate hike.
While the impact to consumers is excepted to be modest, Yellen said concerns over the labor market and inflation would lead the committee to closely monitor the impact on financial conditions.
“The process of normalizing interest rates is likely to proceed gradually, although future policy actions will obviously depend on how the economy evolves relative to our objectives of maximum employment and two percent inflation,” she explained.
Yellen also said she expects “only gradual increases” in rates going forward.
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