The Federal Reserve raised the benchmark U.S. interest rate a quarter-point to 3 percent Tuesday.
Bloomberg News said the board also restated a plan to carry out further increases at a “measured” pace to head off faster inflation.
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“Pressures on inflation have picked up in recent months as pricing power is more evident,” the Federal Open Market Committee said after meeting in Washington today.
“Recent data suggest the solid pace of spending growth has slowed somewhat, partly in response to the earlier increases in energy prices.”
The measured pace hints that the Fed is confident it can stave off inflation by instituting a gradual rise in borrowing costs without causing more of an economic slowdown.
This is the eighth straight increase since June.
