WASHINGTON (AP) — The Federal Reserve has raised its key interest rate for the fourth time this year to reflect the U.S. economy’s continued strength but signaling that it expects to slow hikes next year.

The quarter-point hike, to a range of 2.25 percent to 2.5 percent, lifted the Fed’s benchmark rate to its highest point since 2008. The increase will mean higher borrowing costs for many consumers and businesses.

The Fed’s move came despite President Donald Trump’s attacks in recent weeks on its rate hikes and on Chairman Jerome Powell personally. The president has complained that the rate increases are threatening the economy. At a news conference Wednesday, Powell said Trump’s tweets and statements would have no bearing on the Fed’s policymaking.

The statement the Fed issued Wednesday after its latest policy meeting says “some” further gradual rate increases are likely; previously, it had referred simply to “further gradual increases.” But its updated forecast projects just two rate hikes next year, down from three the Fed had predicted in September. The new forecast also reduces the long-run level for the Fed’s benchmark rate to 2.8 percent, down from 3 percent.

U.S. stocks rapidly surrendered an early surge and wavered between small gains and losses Wednesday afternoon as investors reacted to the announcement. Stocks had been sharply higher before the Fed announced the rate hike. But bond prices rose, sending yields lower.