Watch Live Stream: Janet Yellen Speaks After Fed Announces Rate Hike

Janet Yellen, the chair of the Federal Reserve, will address reporters Wednesday afternoon after the Federal Open Market Committee announced a vote in favor of raising interest hikes.

This move is the second rate hike since December. The benchmark rate is now between 0.75 percent and 1 percent.

The statement also signalled the future rate hikes would be gradual.

"As anticipated, the FOMC went forward with the first rate hike of 2017," said National Association of Federally-Insured Credit Unions Chief Economist Curt Long. "Given that inflation is rising and approaching the Fed's 2 percent target, Fed officials had little choice but to raise rates."

Neel Kashkari, the chair of the Minnesota Fed, voted against the hike. He argued that with wages still low growing slowly, there was insufficient reason to raise interest rates yet. His was the only dissenting voice.

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Greg McBride, Chief Financial Analyst for Bankrate.com, noted ahead of the remarks that people with credit card debt, adjustable-rate mortgages and home equity lines of credit are most likely to be affected by rate hikes.

“The cost of borrowing is going to continue to increase and variable rate debt like credit cards are most susceptible," he said. "Pay this debt down as quickly as you can.”

He continued: "Inflation is moving closer to the Fed’s target, but that threat does seem muted by the recent drop in oil prices. Even the Fed is expecting inflation to run a little hot, above 2 percent, for a time."

Asked what message consumers should take in response to the raise in rates, Yellen said, "The economy is doing well."

Watch a live stream of Yellen's press conference below.

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Photo by Win McNamee/Getty News Images/Getty Images