As expected, the Federal Reserve announced today that it would raise interest rates by a quarter of a percent.

“In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent,” the Federal Open Market Committee said in a statement. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.”

The hike marks only the third time in a decade the Fed has raised its benchmark interest rate. The last hike came in December.

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