For the first time in almost a decade, the Federal Reserve decided to raise short-term interest rates. Though today's long-awaited move represents a pivotal turning point, the New York Times' Binyamin Appelbaum notes that interest rate increases will be incremental:

Even as it raises its benchmark interest rate by 0.25 percentage points, to a range of 0.25 to 0.5 percent, however, the Fed emphasized subsequent increases would come slowly.

Interest rates on mortgages and other kinds of loans, and on savings accounts and other kinds of investments, are likely to remain low by historical standards for years to come.

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