LIVE: Janet Yellen speaks on the Fed's rate hike

Federal Reserve Chair Janet Yellen is holding a press conference on Wednesday following the FOMC's decision to raise interest rates.

Yellen said the rate hike did not reflect a reassessment of the Fed's economic outlook.

The FOMC raised the benchmark federal funds rate by 25 basis points to a range of 0.75%-1%, marking its third increase since the Great Recession. This will eventually increase borrowing costs for short-term loans and credit cards.

The Federal Open Markets Committee projected two more rate hikes this year, unchanged from its previous estimate of three in 2017, and showing that it still expects a slow tightening pace.

Only one member of the FOMC - the Minneapolis Fed's Neel Kashkari - voted against a rate hike.

More to come ...