Fed raises rates for first time in nearly a decade

The Federal Reserve on Wednesday raised its key interest rate for the first time in nearly a decade.

The change moves the key rate to a range of 0.25 percent to 0.5 percent from 0 percent to 0.25 percent.

According to CNNMoney, the widely expected move would affect million of Americans, from home buyers and savers to investors.

"I feel confident about the fundamentals driving the U.S. economy, the health of U.S. households and domestic spending," Fed Chairwoman Janet Yellen said during a news conference.

In December 2008, the Fed set its key rate near zero in an effort to combat the financial crisis and boost the housing market.

Read more from CNNMoney.