Citing low unemployment, a boisterous investment climate and a desire to keep inflation rates at current lows, all 10 members of the Federal Reserve's Federal Open Market Committee today unanimously agreed to raise key interest rates for the first time in nearly a decade.

The decision was expected by most. The Fed had kept short-term rates at emergency, near-zero levels during the seven years following the U.S.'s deep recession, in an attempt to influence borrowing and spur market growth.

Now, with improvements in the job market signaling a healthy economy — the current unemployment rate is 5 percent, half of its 10 percent nadir during the height of the jobs crisis in 2009 — central banking system officials, in their decision today, suggested now was the time to act on a decision that had been months in the making. (The Fed halted rumored plans to raise rates in September, after China's market troubles send shock waves throughout the global economy.)

In a press conference today, the Fed announced it would raise benchmark interest rate from its current 0-.25 percent range to a new range of .25-.5 percent. The Fed predicted it would raise rates by about one percentage point every year over the next three years.

The Committee today also offered an improved economic outlook, predicting growth expectations of 2.4 percent for 2016, up from its 2.3 percent projection last year. It lowered 2016 unemployment projections to 4.7 percent.

“The Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise,” the Committee said today in a statement.

While a quarter-of-a-percentage-point isn't much of a hike, it's a decision that comes loaded with both benefits and consequences. While the Fed's decision is expected to keep inflation down, there are fears that it could have an effect on employment: specifically, that it coud slow hiring and freeze wages. Mortgage rates would also eventually rise, though probably not by much anytime soon.

Some economists have also pointed out that current inflation rates remains low — a sure sign that the U.S. economy hasn’t fully recovered — and that raising rates when inflation is below target could have effects on borrowing and job creation.

Arguably, no one benefits more from today’s news than Wall Street: the renewed rates will bring a boost to investors’ returns, and banks will see more cash from a higher interest rates on loans.

Indeed, stocks rallied today in response to the news, with the Dow surging 100 points immediately after the announcement. The S&P 500 and the Nasdaq also ticked up about .5 percent.