Judging from the hype, you’d think the Fed’s decision to raise short-term interest rates for the first time in nearly a decade is the most important thing that’s ever happened.
You’d be wrong, of course, but this is still a momentous decision that has far-reaching implications.
For starters, it could be seen as the beginning of the end of our long economic nightmare. Raising interest rates “recognizes the considerable progress that has been made toward restoring jobs, raising incomes and easing the economic hardships that have been endured by millions of ordinary Americans,” Fed Chair Janet Yellen said at a news conference.
It also has consequences — good and bad — across many different sectors of the American economy. Here are just a few, curated from the countless “What does it mean?” reactions that surfaced following the Fed’s announcement.