FOMC raises rates for first time in three years

For the first time in three years, the Federal Open Market Committee has raised rates by 0.75%, from 3.75% to 4%, following a unanimous vote.

“The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent, in support of the Federal Reserve’s dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system,” the statement reads.