Do you remember what you were doing on June 29, 2006?
Neither do we. But we do know that’s when then-Federal Reserve chair Ben Bernanke, only five months into his tenure, raised the Fed’s benchmark interest rate from 5% to 5.25%. It was the institution’s 17th hike since June 2004—but its last for the next nine and a half years.
That stretch is widely expected to end on Wednesday afternoon with the announcement by current Fed chair Janet Yellen of a modest rate hike.
To really appreciate how long it’s been since the Fed tightened the monetary supply, take a look at some of the cultural, political, geopolitical, and economic happenings that occurred in the meantime.