(VOVworld) -  On Wednesday, the US Federal Reserve increased interest rates by 0.25%, a historic moment after years of record lows.

Fed Chairwoman Janet Yellen said that the Fed will raise its benchmark interest rate for the first time since 2008 on Wednesday in Washington, D.C. (Photo: CHIP SOMODEVILLA/GETTY IMAGES)

Addressing a press conference following a 2-day meeting of the Federal Open Market Committee, FED Chairwoman Janet Yellen said that the agency decided to raise its benchmark interest rate for the first time since 2008.

The new target will go from 0 percent to 0.25 percent to 0.25 percent to 0.5 percent.

Yellen said the US market has received many recoveries in almost key fields ranging from industry, real estate and land, to services. Besides the unemployment rate for 2016 is expected at 4.7%, down from the prior estimate of 4.8%.