The U.S. Federal Reserve raised its target for a key short-term interest rate to 1.75%. That’s the third increase this year.

In a brief statement, the Fed said that “after moderating earlier this year partly in response to the substantial rise in energy prices, output growth appears to have regained some traction, and labor market conditions have improved modestly.” It added, “Despite the rise in energy prices, inflation and inflation expectations have eased in recent months.”

The Fed gave no hint that it has changed its near-term plans, repeating its previous statement that it “perceives the upside and down side risks to … sustainable growth and price stability for the next few quarters” to be “roughly equal.” It reiterated that it still anticipates raising rates at “a pace that likely to be measured,” while indicating it might move more quickly if economic conditions warrant.

The Fed’s campaign to lift interest rates is intended not to slow the economy, but to lift rates from record lows so that the Fed doesn’t create an inflation problem in the future.

The target on the federal-funds rate, the rate banks charge each other for overnight loans, was chopped from 6.5% at the beginning of 2001 to a 45-year-low of 1% in mid-2003. With much advance warning, the Fed lifted the rate to 1.25% in June and 1.5% in August.