The Federal Reserve raised its benchmark interest rate by a quarter percentage point Wednesday, marking its first increase in more than three years. The move brings the federal funds target range to 3.75% to 4% as policymakers continue efforts to bring elevated inflation under control.

The decision was unanimous, with all 12 voting members supporting the increase. Federal Reserve officials said economic activity continues to expand at a solid pace, while inflation remains above the central bank’s 2% target.

The increase comes despite President Donald Trump’s repeated calls for lower interest rates. Federal Reserve policymakers also indicated that additional increases could come before the end of the year if economic conditions warrant.

Higher interest rates can eventually affect consumers through borrowing costs, including credit cards, auto loans, home equity lines and some mortgages, while savers may benefit from higher returns on some savings accounts and certificates of deposit.

The Federal Reserve’s next scheduled policy meeting will be held Oct. 27-28.