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# TIME Raw: Federal Reserve Chair Announces Rate Hike

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<!-- video src="https://cdn.jwplayer.com/manifests/yirxsGYW.m3u8" -->
## Video: TIME Raw: Federal Reserve Chair Announces Rate Hike

[Watch (HLS stream): TIME Raw: Federal Reserve Chair Announces Rate Hike](https://cdn.jwplayer.com/manifests/yirxsGYW.m3u8) (0:52)

![TIME Raw: Federal Reserve Chair Announces Rate Hike](https://cdn.jwplayer.com/v2/media/yirxsGYW/poster.jpg?width=720)

_Published 2015-12-16_


---

Jul 27, 2023 7:20 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point](/video/udX0dXuW/)

### Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point

[Federal Reserve Cut Interest Rates for Third Time This Year, Hints It Won't Cut Again Soon](/video/2YNZC62l/)

### Federal Reserve Cut Interest Rates for Third Time This Year, Hints It Won't Cut Again Soon

[Janet Yellen Chair of the Federal Reserve](/video/dbpBbS91/)

### Janet Yellen Chair of the Federal Reserve

---


## Transcript

Earlier today, the Federal Open Market Committee decided to raise the target range for the Federal Funds Rate by one quarter percentage point, bringing it to one quarter to one half percent. This action marks the end of an extraordinary seven year period During which the federal funds rate was held near zero to support the recovery of the economy from the worst financial crisis and recession since the Great Depression. It also recognizes the considerable progress has been made toward restoring jobs. Raising incomes and easing the economic hardship of millions of Americans. And it reflects the committee's confidence that the economy will continue to strengthen.

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