Fed to Hike Interest Rate After 9 Year

The Federal Reserve on Wednesday announced its intention to raise interest rates for the first time since before the Great Recession began. By dropping its "patient" stance, the central bank opens the door to raising interest rates as soon as June. If rates rise, it would be the first time the cost of borrowing money has increased since 2006. Since then, the Fed kept rates near zero to encourage spending and borrowing to get the economy going again—while balancing a fear that low rates could send inflation beyond the target of 2 percent.