9 Years, 5 Months, 16 Days Later, Fed Makes Its Move

A quarter point. The Fed on Thursday moved to raise interest rates for the first time since June 29, 2006, and it did so by boosting its key federal funds rate by a modest 0.25%, reports the Wall Street Journal. Fed chief Janet Yellen will lay out the rationale at a news conference later in the day, her big task being to do so in a way that doesn't scare investors. The stock market seemed well braced for the move, however, with the Dow sitting more than 100 points in the black immediately after the announcement.

• Here are seven silver linings rounded up by NBC News, including a better return on your savings, albeit a pretty small one.
• Last time the Fed raised rates, Taylor Hicks sat atop the Billboard charts. CNN Money looks back at June 2006. Reuters does, too.

• The Upshot blog has created a Rube Goldberg machine to explain the move's ripple effects on the economy.
• But this time, the usual mechanics will be much more complicated, explains Reuters.
• The Journal has an interactive graphic on what this means "for your wallet" on everything from car loans to mortgages.
• MarketWatch looks at how stocks perform in the wake of rate hikes—and "there may not be too much need to hold your breath."

(More interest rates stories.)