EVERYONE'S TALKING

• Up they go! Federal Reserve chair Janet Yellen yesterday made the riskiest and most important decision of her tenure, raising short-term interest rates for the first time since the financial crisis. The move "recognizes the considerable progress that has been made toward restoring jobs, raising incomes and easing the economic hardships that have been endured by millions of ordinary Americans," said Yellen.

ALSO IN THE HEADLINES

• See what happens when you dis Taylor? Turing Pharma CEO Martin Shkreli was arrested this morning on suspicion of securities fraud. Just yesterday, the infamous entrepreneur, who recently raised hackles by jacking up the price of HIV medication Daraprim by more than 5,000%, made a slew of new enemies with an extremely crude and sexist comment about Taylor Swift. Coincidence? Fortune

• By any other name. Japan’s Supreme Court has upheld a 19th century law that requires married couples to have the same surname. Each of the three women on the Court, as well as two of their male colleagues, criticized the ruling, saying that the law violates Japan's constitution. WSJ

• Abby's next play? Abby Wombach may be done playing international soccer, but she doesn't appear to be retiring quietly. Speaking on Bill Simmons' podcast, she sparked controversy by suggesting that U.S. men's coach Jurgen Klinsmann should be fired for bringing in "a bunch of these foreign guys,"  and echoed comments she made at Fortune's MPW Next Gen Summit, calling out soccer and other sports for treating women as "less than." ESPN

• The coolest Clooney. Amal Clooney is partnering with nonprofit 100 Lives to create a scholarship program for Lebanese women. Fortune

• Marissa parties like it's 1999. Eric Jackson, a Yahoo investor, claims that a recent Great Gatsby-themed gala thrown by the company cost $7 million. Given Yahoo's financial struggles—and the increasing scrutiny of CEO Marissa Mayer—did the lavish celebration go too far? Fortune

• Balance this! New America Foundation president Anne-Marie Slaughter, who became a household name with her 2012 Atlantic essay “Why Women Still Can’t Have it All,” has a bone to pick with our lexicon—specifically, with the term “work-life balance.” That phrase, she says, "does a disservice to women at the bottom of the income scale, implying that people have some control over this situation.”  The Atlantic

MOVERS AND SHAKERS: Oracle has elected Renée James, former president of Intel, to its board. Eva Chen, former editor of Lucky and now global head of fashion partnerships at Instagram, has been named to the board of Yoox Net-a-Porter Group.

IN CASE YOU MISSED IT

• Hair-raising report. Iran has impounded more than 40,000 cars this year, claiming that women operating the vehicles had not properly covered their hair. Daily Star

• Disgusted delegation. A U.N. delegation of human rights experts from Poland, the UK and Costa Rica spent ten days touring the U.S. to assess the nation's treatment of women. Their reaction, in a single word: appalled. Huffington Post

• So much for solidarity. Larycia Hawkins, a political science professor at Wheaton College, has been put on administrative leave after posting a photo of herself in a head scarf on Facebook and writing, "I stand in religious solidarity with Muslims because they, like me, a Christian, are people of the book." New York Times

• Concert controversy. Human rights activist Thor Halvorssen is calling on rapper Nicki Minaj to cancel her upcoming holiday concert in Luanda, Angola. The country, which has been ruled by President Jose Eduardo dos Santos for decades, has been accused of violating the basic human rights of those who speak out against their government. Hollywood Reporter

• Gucci? No thanks. Gloria Steinem talks about getting paid less than male writers when freelancing for TIME back in the 1970s. When she complained to her editor, she says, the publication responded by sending her a Gucci bag. “I took the purse back to Gucci because I needed the money,” says Steinem.  Fusion

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ON MY RADAR

Here's why Michael Jackson still beats Adele  Fortune

Women who play games shun the gamer label  New York Times

The future of feminism is offline  Quartz

The Force Awakens gives us the heroine we've been waiting for  Refinery29

QUOTE

That’s really tragic that you hear these comments which are full of hatred, full of this ideology of being discriminative towards others.

Nobel Prize laureate Malala Yousafzai, on Donald Trump's proposal to ban Muslims from entering the U.S.