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It's the ninth meeting in a row where Fed Chairman Alan Greenspan has announced a hike in the key interest rate.

The Federal Open Market Committee unanimously voted to lift the federal funds rate to 3.25 percent. This is the rate banks charge to each other on overnight loans.

Though the hike was widely anticipated, Wall Street investors still pouted and drove down the indexes. The Dow Jones Industrial Average fell 99.51 points to 10,274.97 today.

Mr. Greenspan spoke after the May meeting of bringing economic stimulus down at a gradual rate. Although gross domestic product increased 3.8 percent in the first quarter, consumer spending has been flat. The latter is a likely result of continued fuel increases taking their toll on discretionary spending.

And the term "measured" doesn't necessarily equal "quarter-point" either. Depending on economic performance, a half-point rise could be an option at a future meeting.

The rate hikes will probably increase until reaching a level where the Fed feels they will have a neutral impact on the economy. Currently, economists feel that place is between 3 and 5 percent, according to Reuters.

The Fed also remains concerned about long-term interest rates, as they have remained at lows that continue to drive a red-hot housing market. Though some analysts are concerned about a potential housing bubble that could burst, Mr. Greenspan has dismissed those fears as "froth."

David Utter is a staff writer for WebProNews covering technology and business. Email him here.