The U.S. Federal Reserve continued its campaign of interest-rate increases, raising rates by a quarter percentage point to 1.5% and asserting the U.S. economic recovery remains intact.

In its news release, the Federal Open Market Committee maintained its expectation for a “measured” pace of rate increases.

The Fed’s decision, which was widely expected, was unanimous and comes despite recent data that suggest the economy has slowed.

“In recent months, output growth has moderated and the pace of improvement in labor-market conditions has slowed,” the Fed said. “This softness likely owes importantly to the substantial rise in energy prices.”

The economy “appears poised to resume a stronger pace of expansion going forward,” the Fed said in its statement. Policy makers described inflation as “somewhat elevated,” although they attributed some of that to “transitory factors.” The committee gave no indication it intends to slow the interest-rate campaign anytime soon.

“With underlying inflation still expected to be relatively low, the committee believes that policy accommodation can be removed at a pace that is likely to be measured,” the FOMC said.

The Fed began raising rates in June, after holding them at a 46-year low of 1% for a year.

Most analysts expect the Fed to raise rates again on September 21, its last meeting before the U.S. November 2 election.

In a related action, the FOMC approaved a 25 basis point increase in the discount rate to 2.5%.