The Federal Reserve has raised interest rates by a quarter of a percentage point and plans to continue doing so next month to control inflation, writes the WSJ. This move follows six previous rate hikes, including a 0.5-point increase in December and a 0.75-point increase in November. The policy statement released after the meeting acknowledged the recent improvement in inflation, but did not change its guidance on future rate hikes. The statement stated that “ongoing increases” in interest rates will be necessary to achieve a restrictive monetary policy, using the same language since March last year.