The Federal Reserve approved its third consecutive interest-rate rise of 0.75 percentage point and signaled additional large increases were likely at coming meetings as it combats inflation that remains near a 40-year high.

The decision Wednesday—unanimously supported by the Fed’s 12-member rate-setting committee—will lift its benchmark federal-funds rate to a range between 3% and 3.25%, a level last seen in early 2008.

Officials’ new projections showed a majority of 19 officials who participated at the Fed’s policy meeting expect to lift the rate at least by another 1.25 percentage point by December, to a range between 4.25% and 4.5%. The Fed has two more meetings this year.

Nearly all officials projected somewhat higher rates would be warranted next year. The Fed’s policy rate would peak at a range between 4.5% and 4.75%, according to the median projection. In June, the median projection was for the rate to peak at around 3.75% next year.