The Fed just announced the first increase in the “benchmark target rate” for the first time since 2006. The problem for most of us mortals is, not only do we not know what the Fed is, nor what the target rate is, but we really don’t know what this means or why it matters. Nevertheless, it’s literally all over the news, not just in the U.S., but around the world. Thankfully, Matt Phillips wrote a great article over on Quartz. In about 5 minutes of reading, you’ll understand at a basic level everything you need to know about the rate hike. Even better, it comes with a video in case you don’t want to read it.