The Fed just raised interest rates -- here's how it happens and why it matters

Mark Wilson/Getty; Samantha Lee/Business Insider The Federal Reserve on Wednesdayraised its benchmark interest ratefor the sixth time since late-2015. The Fed adjusts the interest rates that banks charge to borrow from one another, which is eventually passed on to consumers. Banks give out money all the time — for a fee. When we borrow and then pay back with interest, it's how banks make money.See the rest of the story at Business Insider NOW WATCH: What would happen if humans tried to land on...