The Federal Reserve, also known as the Fed, raised the prime interest rate by 0.25% at the end of 2015. It is the first time the Fed raised the prime interest rate since 2006. Often, this kind of news can blur into the background, especially for young people who haven’t been through an interest rate hike during their adult lives. For those who are a little older, you may not have been in a financial position to care very much 10 years ago, but now you’d like to know what’s going on. Even if you’re among those readers who are old enough to have lived through several cycles of Fed rate changes, you might want a refresher since it has been a while.