go to content
Business

Here's How The World Looked The Last Time The Fed Raised Interest Rates

June 2006 was a magical time, when Adam Sandler ruled the silver screen, Shakira ruled the Billboard charts and mobile phones were still garbage.

Posted on

The Federal Reserve raised its target interest rate today — the first rate rise since June 29, 2006. For more than nine years, interest rates have either been falling or staying flat.

There are Wall Street traders today who were mere tweens the last time this happened. And it was a terrible time to be a tween: the Nintendo Wii hadn't even been released yet.

Here are a few other things that have changed since the last time the Fed raised interest rates.

There were 566,000 new homes for sale in June, 2006.

There are currently 226,000 new homes for sale.

When the Fed last raised rates, Shakira's "Hips Don't Lie" was the number 1 song. Today, it's Hello by Adele. It's possible the Federal Open Market Committee only raises rates during periods ruled by powerful female solo acts.

View this video on YouTube

youtube.com

Citi was a banking behemoth back when the Fed last raised rates: the biggest bank in America, the fourth largest public company in the world. A single Citi share would've cost you $430.19.

A share in Citi now will cost you $53.90. It's the 40th biggest company in the world today.

Matthew Zeitlin is a business reporter for BuzzFeed News and is based in New York. Zeitlin reports on Wall Street and big banks.

Contact Matthew Zeitlin at matt.zeitlin@buzzfeed.com.

Got a confidential tip? Submit it here.