Ups and downs of the federal funds rate

The U.S. Federal Reserve is raising its benchmark interest rate from record lows set at the depths of the 2008 financial crisis. The federal funds target rate will nudge up to a range of 0.25% to 0.5%
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1995 2000 2005 2010 2015
0 1 2 3 4 5 6 7 8%

1997–2000: During dot-com bubble Fed raises interest rates to a high of 6.50%
2001-03: Recession drives rate down to 1.00%
2004-06: Low interest rates help create housing bubble. Rate hiked to 5.25%
2007-08: Sub-prime mortgage crisis leads to global financial meltdown. Dec 2008: Fed sets rate to zero to 0.25%

Dec 16: Federal Open Market Committee sets rate at 0.25% to 0.5%
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Source: Federal Reserve