Under new program announced last night, U.S. Treasury will provide $10 billion of credit protection for money-market mutual funds.

Fed expects to stay on the sidelines throughout 2020 presidential election.

Powell lauds economy, as the benchmark rate rises to 2%.

Rates rise a quarter point, as expected, and Powell exhibits policy similarities to Janet Yellen—but significant differences in style.

Fed officials also voted to continue reducing the central bank's balance sheet.

Policy makers still project three total rate hikes for 2017.