The Federal Reserve decided to raise interest rates by 75 basis points for the second straight month, lifting the target for the federal funds rate to a range of 2.25% to 2.5%.

The FOMC noted that it “is strongly committed to returning inflation to its 2% objective,” reiterating that it’s “highly attentive to inflation risks.”

However, Fed Chair Jerome Powell rejected claims that the U.S. economy is in recession, where he referred to the “very strong labor market” as evidence.

Powell said that another 75 basis-point rate hike could be appropriate when policy makers gather on September 20-21, but this would depend on the incoming data, more specifically the two monthly readings on inflation and employment.

It is worth mentioning that gold prices responded positively to the Fed’s decision since it was largely expected. Spot gold surged to a new high at $1740 an ounce, following its retreat over the previous two sessions.