The Federal Reserve announced today that it will raise its key interest rate from a range of 0%-0.25% to a range of 0.25%-0.5%. Today's rate hike is the first time the Fed has raised interest rates since 2006.
Although the rate hike is small, it is big news. The Fed's interest rates have widespread effects on investors, home buyers, savers, banks, and small businesses.
(Also read: 5 Sectors to Watch After Fed Rate Decision )
Coming in to today, the rate hike was widely expected. Even still, investors across the world eagerly anticipated the Fed's announcement, which came at 2 p.m. EST. Of course, the social media world was buzzing about the announcement. We kept a close eye on Twitter TWTR and gathered some of our favorite reactions below:
I started covering the Fed in 2007 and have never written about an interest rate increase (until two minutes from now).- Neil Irwin (@Neil_Irwin) December 16, 2015
Fed has NOT RAISED INTEREST RATES since before the IPhone.????- grascarp (@grascarp) December 16, 2015
The Fed did exactly what it told us it was going to do, but the biggest thing is that there were no dissents https://t.co/sRUGf8ibUn- Matt O'Brien (@ObsoleteDogma) December 16, 2015
The end of an era. R.I.P. ZIRP.- Frederik Ducrozet (@fwred) December 16, 2015
*iLoveMakonnen voice* Got the fed rates going up... On a Wednesday!- Ehh-tan-lee (@et_tanleyy) December 16, 2015
Now that Fed is out of the way time for #StarWarsForceAwakens just after midnight.- Ian Guider (@ianguider) December 16, 2015