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The Federal Reserve has decided to raise its main interest rate by 0.25 percent, signaling confidence that the economy has finally recovered from the 2008 financial crisis.

The move was widely expected and marks the first time the central bank has raised the rate in almost 10 years. The rate was cut to near zero at the height of crisis to spur an economic recovery.

Officials also expect to move at a gradual pace when deciding when to raise the rate in meetings next year.

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