The Federal Reserve voted Wednesday to raise interest rates and begin pulling back its unprecedented support for the American economy, ending an era of easy money that helped save the nation from another Great Depression but has yet to produce a full-throttled recovery.
The unanimous decision will nudge the central bank’s benchmark interest rate up from near zero by a quarter of one percent to a range of 0.25 to 0.5 percent.
The move is small, but it amounts to a vote of confidence that the American economy — dogged by volatile oil prices, a slowdown in China and weak global growth — will stand resilient. But the Fed also pledged to wean the nation off its stimulus slowly, an acknowledgement that further progress is not guaranteed and that the central bank is operating in uncharted territory.
Read the entire story at WashintonPost.com here.