US Fed rate hike: Yellen says move a sign of 'confidence' in economy

Fed Chair Janet Yellen said any increased spending by the Trump administration could impact how the Fed adjusts rates going forward

The Federal Reserve's decision on Wednesday to raise the benchmark interest rate is a vote of "confidence" in the health of the US economy, Fed Chair Janet Yellen said.

The increase, which was widely anticipated by markets, "should certainly be understood as a reflection of the confidence we have in the progress that the economy has made and our judgement that progress will continue," Yellen told a press conference.

She also noted that any increased spending by the incoming Republican administration of President-elect Donald Trump could impact how the Fed adjusts interest rates going forward, but cautioned it was too soon to speculate.