The U.S. Federal Reserve decided today to raise its target for the federal funds rate by 25 basis points to 2.25%.

The widely-anticipated rate hike came at the final meeting this year of the Fed’s policy-setting Open Market Committee.

In the statement accompanying its decision, the Fed’s commentary was little changed from last month. With inflation pressure still low, the Fed said it can boost interest rates at a “measured” pace.

The Fed began raising rates in a move aimed at heading off any potentially-damaging upward spike in inflation.

Before it began its run of rate hikes in June, the Fed had kept interest rates at a 46-year low of 1% since June 2003.

The Fed’s first of eight scheduled interest rates decisions in 2005 is due February 1-2.