Watch: Federal Reserve Chair Janet Yellen holds press conference

The Federal Reserve raised its benchmark short-term interest rate by a quarter percentage point to a range of 0.75% to 1% after central bank policymakers strongly signaled the move in recent weeks. Fed Chair Janet Yellen released interest rate forecasts Wednesday at 2:30 p.m. ET during a news conference after the conclusion of a two-day meeting.

The Fed lifted the rate in December for just the second time in the past decade.