Mubasher: The Federal Reserve voted unanimously on Wednesday to raise interest rates by a quarter point, marking the first increase in more than nine years.
The bank raised its fed funds rate to a range of 0.25% to 0.5%, ending an unprecedented seven-year run of near-zero interest rates, Marketwatch reported.
The board also raised the discount rate to 1% from 0.75%.
Looking ahead, the Fed said it will carefully monitor actual inflation in light of current shortfall.
