The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter of a point, but opened the door to a long-awaited pause in the most aggressive tightening campaign since the 1980s. 

The unanimous decision puts the key benchmark federal funds rate at a range of 5% to 5.25%, the highest since August 2007, from near zero a little more than one year ago. It marks the 10th consecutive rate increase aimed at combating high inflation.

But policymakers signaled this rate increase could be the last for some time, suggesting that further policy moves will hinge on "incoming information." 

"In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, 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," the Fed said in its post-meeting statement.

The statement omitted a previous sentence that said the "Committee anticipates that some additional policy firming may be appropriate" for inflation to return to the Fed's 2% goal. 

This is a developing story. Please check back for updates.