On Wednesday, the Federal Reserve announced it will raise the federal funds rate to a range between 2.25% to 2.5%, marking a 0.75% jump and its fourth increase this year.

In a statement, the Fed said, “Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.”

This latest increase comes after the Fed increased the federal funds rate to a range between 1.5% and 1.75% in June, which, according to Yahoo Finance, was “the largest move [the Fed] has made in a single meeting since 1994.” This most recent increase is of the same magnitude has June’s increase.