The Federal Reserve today pushed a key interest rate up by a quarter point to 2.75% in its strategic effort to subdue inflationary pressures.

This is the seventh time in a row that the U.S. central bank has hiked up the interest rate that banks charge each other since June, when the federal funds rate sat at 1%, its lowest level in 46 years.

The Fed’s policy panel said it expects to continue raising short-term borrowing costs at a “measured” pace, wording believed to imply modest quarter-point increases.