The Federal Reserve’s Open Market Committee raised the target for the federal funds rate by 25 basis points to 4.5% this week, marking the 14th straight increase since June 2004. The federal funds target rate is the interest rate charged by banks when they borrow funds “overnight” from each other.

“Although recent economic data have been uneven, the expansion in economic activity appears solid,” the Fed said in a prepared statement. “Core inflation has stayed relatively low in recent months and longer-term inflation expectations remain contained. Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures.”