The Fed's policy statement noted the "considerable improvement" in the U.S. labor market, where the unemployment rate has fallen to 5 percent, and said policymakers are "reasonably confident" inflation will rise over the medium term to the Fed's 2 percent objective.
The central bank made clear the rate hike was a tentative beginning to a "gradual" tightening cycle, and that in deciding its next move it would put a premium on monitoring inflation, which remains mired below target.
"The process is likely to proceed gradually," Yellen said, a hint that further hikes will be slow in coming.
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