[by:www.21voa.com]
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[00:00.48]The United States central bank has raised an 
[00:03.52]important interest rate by one-fourth of 1 percent. 
[00:07.96]The move may have been small, 
[00:10.48]but it marks the first time since late 2008 
[00:14.56]that the Federal Reserve has raised important interest rates that it controls. 
[00:21.72]The federal funds rate, 
[00:23.68]a rate paid by banks for short-term loans, 
[00:27.24]is now one-half of 1 percent. 
[00:30.56]The Federal Reserve Open Market Committee decides monetary policy. 
[00:36.68]The committee announced the change Wednesday 
[00:39.56]in a statement on economic policy. 
[00:42.80]It had met for two days in Washington.
[00:46.96] Janet Yellen, the first woman to lead the Federal Reserve System, 
[00:51.64]spoke after the announcement.
[00:55.68]The committee's decision was based on a few factors, Yellen said. 
[01:00.96]Economic growth is expected to continue in the U.S. 
[01:05.80]Another reason to increase interest rates, Yellen noted, 
[01:09.84]was the low official rate of inflation. 
[01:13.52]The central bank has said its target inflation rate is 2 percent.  
[01:19.56]It says that rate would help support employment and keep prices stable. 
[01:26.20]However, inflation currently is not at the target rate, 
[01:31.04]but below 1 percent. 
[01:34.24]The high exchange value of the dollar 
[01:37.36]has also kept inflation low, Yellen said. 
[01:41.56]The strong dollar means the prices of imported products remain low.   
[01:48.84]The federal reserve chief also said the strong labor market 
[01:53.56]provided another reason to raise rates. 
[01:57.88]The U.S. economy is adding about 200,000 jobs each month. 
[02:05.00]Yellen described the path to higher interest rates as normalization. 
[02:11.68]The central bank's interest rates are well below historical averages. 
[02:18.48]The Federal Reserve, or Fed, also released its expectation 
[02:23.86]for some important economic numbers. 
[02:27.80]The fed expects its federal funds rate 
[02:30.92]to reach between 2 percent and 4 percent by 2018.   
[02:38.20]Yellen was asked if the Fed may have moved too soon 
[02:42.48]in increasing interest rates. 
[02:45.28]She answered that the central bank 
[02:47.76]had weighed many risks and had made a small move.  
[02:52.76]She said, "The Fed's decision today 
[02:55.84]reflects our confidence in the U.S. economy." 
[03:01.00]The central bank has kept the interest rates it controls 
[03:05.36]at nearly zero to support lending and economic activity. 
[03:11.44]Financial policymakers considered this necessary 
[03:15.72]as the country recovered from the "Great Recession" 
[03:19.56]from 2007 to 2009.  
[03:24.08]During that period, home prices dropped sharply 
[03:27.96]and unemployment jumped in the worst financial crisis 
[03:32.60]since the 1930s.  
[03:35.48]I'm Mario Ritter.