The Federal Reserve raised interest rates for the ninth time in a row on Wednesday, opting to continue its campaign against high inflation despite stress in the banking industry following the collapse of two regional banks.

Fed policymakers voted unanimously to raise their benchmark interest rate by a quarter percentage point to just under 5%, which will make it more expensive for people seeking car loans or carrying a balance on their credit cards.

Members of the Fed's rate-setting committee said additional rate hikes may be necessary to restore price stability. On average, policymakers anticipate rates climbing by another quarter-percentage point by the end of this year, according to new projections that were also released on Wednesday.