Fed hikes interest rates for first time in 3 years

The Federal Reserve voted 12-0 on September 17 to raise the federal funds rate by 0.25 percentage points, making the new interest rate between 3.75% and 4%. Dr. Rebel Cole, Lynn Eminent Scholar Chaired Professor of Finance at Florida Atlantic University joins FOX 35's Hayden Wiggs to provide expert financial insight into this decision.