After the Federal Reserve raised its benchmark interest rate for the first time in almost a decade, the Day One follow-through in money markets shows the policy move looks to be working.

The overnight U.S. dollar London interbank-offered rate, known as Libor, fixed at the highest in more than six years Thursday. The rate, which signals where banks think they can borrow from each other, was posted by Intercontinental Exchange Inc. at 6:45 a.m. in New York at 0.3614 percent, the highest since March 31, 2009. It's up from 0.1315 percent a week earlier and 0.0852 percent at the end of last year.

In the lead-up to the Fed decision, investors voiced skepticism that policy makers would be able to push rates as high as intended, because officials are using a new set of tools to engineer the move. One key question was whether the central bank would expand its reverse repo facility sufficiently to lift the floor for the funds rate. The Fed allayed that concern Wednesday by removing a cap on the program, which siphons excess cash from the system.