Fed raises interest rates, citing ongoing U.S. recovery

WASHINGTON, , Rabi’I 06, 1437, December 17, 2015, SPA — The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis, according to Reuters.

The U.S. central bank’s policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs.

00:31 LOCAL TIME 21:31 GMT