WASHINGTON: The Federal Reserve announced Wednesday (Thursday in Manila) its first interest rate increase in more than nine years in a landmark move signaling the US has finally moved beyond the 2008 crisis.
The move, which has repercussions across the global financial system, also imprinted Janet Yellen’s personal stamp on US monetary policy after nearly two years as Fed chair spent plotting to reverse course from the easy-money stance bequeathed by predecessor Ben Bernanke.
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