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Federal Reserve Chair Janet Yellen discusses the Fed's interest rate hike following the FOMC's final meeting of 2015.

The Federal Reserve announced an increase in the Federal Funds interest rate for the first time in nearly a decade Wednesday, following a two-day Federal Open Market Committee member meeting. The target range is now 0.25% to 0.50% and will take effect on Thursday, Dec. 17, Federal Reserve Chair Janet Yellen said during a discussion following the FOMC meeting.

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