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Article snippet: WASHINGTON — As one of the longest economic expansions in American history chugs into its ninth year, the Federal Reserve said Wednesday it was raising its benchmark interest rate to a range of 1 percent to 1.25 percent. The Fed accompanied the widely expected rate increase with a further show of confidence: a description of its plans to start reducing its portfolio of more than $4 trillion in bonds later this year. The Fed intends both measures to raise borrowing costs for businesses and consumers after almost a decade of historically low interest rates. “Our decision reflects the progress the economy has made and is expected to make,” Janet L. Yellen, the Fed’s chairwoman, told reporters after the announcement. Ms. Yellen may soon lose her role as the conductor of the Fed’s slow, steady and successful retreat. The Trump administration is beginning to consider whether Ms. Yellen should be replaced when her term as chairwoman ends in early February. Gary Cohn, President Trump’s chief economic adviser, is heading the search for a new leader. The administration has not ruled out a second term for Ms. Yellen, but Mr. Trump said on the campaign trail that he would “most likely” pick a new person. Ms. Yellen’s management of monetary policy may matter less than her disagreements with Mr. Trump about regulatory policy and Mr. Trump’s preference for people he knows. Ms. Yellen said Wednesday that she had not had any conversations with the administration about its plans. ... Link to the full article to read more