Federal Reserve Hikes Key Interest Rate by 0.25%, Signaling Confidence in Economy

December 16, 2015 7:01 PM

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The Federal Reserve announced Wednesday it will raise its benchmark interest rate by 0.25 percent — the first hike in nearly a decade.

The rate hike will affect consumers on numerous fronts, ranging from interest rates on credit cards and mortgages to the returns on investments and savings accounts, but experts say the impacts will be modest to begin with.

Also read: Americans are spending like mad again

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