can a new concept save the traditional brick and mortar store with a very untraditnal idea? "on the money" starts right now. >> announcer: this is "on the money." your money, your life, your future. now, becky quick. >>> for the first time in nearly a decade, the federal reserve bank is raising interest rates. it's not a big move and it was widely telegraphed, but it's important, nonetheless. we'll get to what it means for your money in just a moment. first, economics reporter steve liesman explains just how a fed rate hike works. >> reporter: it was the pre-dawn of the modern age. twitter didn't exist. there was neither iphone nor ipad. the year, 2006. it was the last time the federal reserve raised interest rates. so it's not embarrassing to ask, what exactly is a fed rate hike? the federal reserve controls outright only one interest rate in the economy. the one banks use to lend to each other overnight, or the fed funds rate. the prime rate is tied to the fed funds rate and many consumer loans and credit cards are tied to the prime rate. with a higher rate, the fed tries