Here comes Janet Yellen ...

Federal Reserve Chair Janet Yellen will hold a press conference to expand on the Fed's decision to raise rates, beginning at 2:30 p.m. ET.

Traders had priced in a 100% probability, via Fed Fund futures, that the benchmark rate would be lifted 25 basis points to a range of 0.50%-0.75%. And so, the press conference is the big part of Wednesday's action.

Yellen will likely be asked about the future of monetary policy in light of the President-elect Donald Trump's incoming administration. Trump, who had been considered the unlikely winner, is expected to begin fiscal policy initiatives, including a boost to infrastructure spending and tax cuts.

If economic growth and inflation take off under Trump, the Fed may revise raise its trajectory for interest rates, and review its own forecasts.

We'll update this post with Yellen's commentary as she speaks, so refresh it for updates.