The Federal Reserve raised interest rates by a quarter point today, signaling the potential for further increases in the months ahead. The increase brings the benchmark rate to its highest level since October 2007.

Chairman Jerome Powell said the Fed is “strongly resolved” to tackle inflation, which has been a major concern for policymakers. He said that it is “premature” to declare victory against inflation, but that the Fed is committed to completing its task.

The news was welcomed by dollar bears, who celebrated the Fed’s dovishness. The US Dollar Index fell following the announcement, as traders bet that the Fed will be more cautious in its rate hikes.

The decision to raise rates is the third such move since the start of the year, and is likely to continue to impact markets for some time. Analysts are divided on whether the Fed will raise rates again in the near future, but many expect the central bank to remain cautious in its approach.

The decision was welcomed by investors, who view the Fed’s rate hikes as a sign that the economy is strong and that inflation is under control. The move also signals the Fed’s commitment to keeping inflation in check, which could have positive implications for the markets in the long run.