The Federal Reserve on Tuesday raised the benchmark federal funds rate to 4.5 percent from 4.25 percent, the central bank's 14th interest rate hike in a row since it began tightening in June 2004.

The following is a chronology of the Federal Reserve's changes in the federal funds rate since 1990. Moves are measured in basis points (bps), each of which equals one-hundredth of a percentage point:

2006

Jan 31 Raised 25 bps to 4.50 pct

2005

Dec 13 Raised 25 bps to 4.25 pct

Nov 1 Raised 25 bps to 4.00 pct

Sept 20 Raised 25 bps to 3.75 pct

Aug 9 Raised 25 bps to 3.50 pct

June 30 Raised 25 bps to 3.25 pct

May 3 Raised 25 bps to 3.00 pct

March 22 Raised 25 bps to 2.75 pct

Feb 2 Raised 25 bps to 2.50 pct

2004

Dec 14 Raised 25 bps to 2.25 pct

Nov 10 Raised 25 bps to 2.00 pct

Sept 21 Raised 25 bps to 1.75 pct

Aug 10 Raised 25 bps to 1.50 pct

June 30 Raised 25 bps to 1.25 pct

2003

June 25 Cut 25 bps to 1.00 pct

2002

Nov 6 Cut 50 bps to 1.25 pct

2001

Dec 12 Cut 25 bps to 1.75 pct

Nov 6 Cut 50 bps to 2.00 pct

Oct 2 Cut 50 bps to 2.50 pct

Sept 17 Cut 50 bps to 3.00 pct

Aug 21 Cut 25 bps to 3.50 pct

June 27 Cut 25 bps to 3.75 pct

May 15 Cut 50 bps to 4.00 pct

April 18 Cut 50 bps to 4.50 pct

March 20 Cut 50 bps to 5.00 pct

Jan 31 Cut 50 bps to 5.50 pct

Jan 3 Cut 50 bps to 6.00 pct

2000

May 16 Raised 50 bps to 6.50 pct

March 21 Raised 25 bps to 6.00 pct

Feb 2 Raised 25 bps to 5.75 pct

1999

Nov 16 Raised 25 bps to 5.50 pct

Aug 24 Raised 25 bps to 5.25 pct

June 30 Raised 25 bps to 5.00 pct

1998

Nov 17 Cut 25 bps to 4.75 pct

Oct 15 Cut 25 bps to 5.00 pct

Sept 29 Cut 25 bps to 5.25 pct

1997

March 25 Raised 25 bps to 5.50 pct

1996

Jan 31 Cut 25 bps to 5.25 pct

1995

Dec 19 Cut 25 bps to 5.50 pct

July 6 Cut 25 bps to 5.75 pct

Feb 1 Raised 50 bps to 6.00 pct

1994

Nov 15 Raised 75 bps to 5.50 pct

Aug 16 Raised 50 bps to 4.75 pct

May 17 Raised 50 bps to 4.25 pct

April 18 Raised 25 bps to 3.75 pct

March 22 Raised 25 bps to 3.50 pct

Feb 4 Raised 25 bps to 3.25 pct

1993

No rate changes

1992

Sept 4 Cut 25 bps to 3.00 pct

July 2 Cut 50 bps to 3.25 pct

April 9 Cut 25 bps to 3.75 pct

1991

Dec 20 Cut 50 bps to 4.00 pct

Dec 6 Cut 25 bps to 4.50 pct

Nov 6 Cut 25 bps to 4.75 pct

Oct 31 Cut 25 bps to 5.00 pct

Sept 13 Cut 25 bps to 5.25 pct

Aug 6 Cut 25 bps to 5.50 pct

April 30 Cut 25 bps to 5.75 pct

March 8 Cut 25 bps to 6.00 pct

Feb 1 Cut 50 bps to 6.25 pct

Jan 9 Cut 25 bps to 6.75 pct

1990

Dec 18 Cut 25 bps to 7.00 pct

Dec 7 Cut 25 bps to 7.25 pct

Nov 13 Cut 25 bps to 7.50 pct

Oct 29 Cut 25 bps to 7.75 pct

July 13 Cut 25 bps to 8.00 pct