WASHINGTON — The Federal Reserve said on Wednesday that it would raise short-term interest rates for the first time since the financial crisis, a decision it described as a vote of confidence in the American economy even as much of the rest of the world struggles.
The decision “recognizes the considerable progress that has been made toward restoring jobs, raising incomes and easing the economic hardships that have been endured by millions of ordinary Americans,” Ms. Yellen said. The Fed’s announcement came exactly seven years to the day after the central bank cut its benchmark rate nearly to zero.
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The decision “recognizes the considerable progress that has been made toward restoring jobs, raising incomes and easing the economic hardships that have been endured by millions of ordinary Americans,” Ms. Yellen said. The Fed’s announcement came exactly seven years to the day after the central bank cut its benchmark rate nearly to zero.
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