BEND,OR -- The feds have been talking about it for awhile, and Wednesday they finally did it. They raised short term interest rates by a quarter point.

Bend financial advisor Tyler Simonis says the unanimous decision was widely expected. "This is the most anticipated and telegraphed rate increase. They were sort of dovish, meaning they're going to be really cautious about raising rates. They've been talking about it since 2015 and they were backed into a corner since this was the last meeting of the year, so they had to raise rates."

The last time feds raised rates was back in 2006.

The move means savers will make a little more money on their investments and it'll cost borrowers more to go to collect or buy cars or homes.