The Federal Reserve approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years.

In a move that markets had completely priced in, the FOMC raised its funds rate by a quarter percentage point to a target range of 5.25%-5.5%. 

The midpoint of that target range would be the highest level for the benchmark rate since early 2001. We’ll discuss what it means for markets, the economy & your money.