As widely expected, the Federal Reserve raised its key interest rate today.

Fed policymakers voted unanimously to raise the key federal funds rate a quarter percentage point to 3.25%.

Today’s increase marks the ninth time in a year that the Fed has raised rates..

“Although energy prices have risen further, the (economic) expansion remains firm and labor-market conditions continue to improve gradually,” the Federal Open Market Committee said in a statement. “Pressures on inflation have stayed elevated, but longer-term inflation expectations remain well-contained.”

The policymakers indicated they’re inclined to raise the funds rate “at a pace that is likely to be measured.” That phrase so far has signified increases of a quarter percentage point at a time.

The rate increase was expected on Wall Street.