16/12/2015 19:13 GMT | Updated 16/12/2016 05:12 GMT

US Federal Reserve Lifts Key Interest Rate To End Seven Years Of Near-Zero Rates

The Federal Reserve has increased US interest rates for the first time in nearly a decade, marking a milestone in the recovery of the world's biggest economy.

Interest rates in America have not been increased since June 2006 and have remained at a target range between zero and 0.25% since December 2008.

But this evening the Federal Reserve raised its key interest rate by 0.25%, ending seven years of near-zero rates.