The US central bank has hiked its benchmark lending rates by 75 basis points for the fourth time in a row, as it fights to bring inflation down to its 2 percent target.

“The Committee is strongly committed to returning inflation to its 2 percent objective. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time,” the Federal Reserve said in its FOMC statement. 

“In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” it said.  

The pace of price increases in the US remains at multi-decade highs. In September, inflation was recorded at 8.2%.

Though the markets have been expecting a rate hike by three quarters of a point in November, investors and strategists expect the Fed to slow its hiking pace in December.

Oil prices rose on Wednesday before an expected fed rate hike.

(Writing by Seban Scaira; editing by Daniel Luiz)