On Wednesday, the Federal Reserve stands ready to end its zero-interest-rate policy enacted seven years ago amid the financial crisis.
Zero has been the benchmark for savers, homebuyers, businesses and borrowers since Dec. 16, 2008. That’s when the Federal Reserve set its official interest rate at nothing. It was one of many unprecedented steps the Fed took to undo the financial crisis and heal the Great Recession.
Now, policymakers and Fed Chair Janet Yellen have all but promised a quarter-point interest rate hike will emerge from their two-day session, set to end Wednesday.
Experts expect Wednesday’s move by the Fed to have little to no impact on savers, borrowers, lenders and investors right away.