What the Fed Interest Rate Hike May Mean for the California Economy, Home Sales

The Federal Reserve announced Wednesday that it would raise interest rates for the first time since 2006. At a range of 0.25 to 0.5 percent, the rate hike indicates confidence in the economic outlook for the United States. Many economists support the decision, citing recent job growth and economic expansion as evidence that the U.S. economy no longer needs low-cost lending. But others have expressed concern that with low inflation and stagnant wages, the economy isn't ready for higher interest rates. We'll discuss the decision and take a look at how it might affect your wallet.