NEW YORK (CNNMoney.com) - Stocks slipped Tuesday afternoon after the Federal Reserve boosted a key short-term interest rate by a quarter-percentage point as expected, but failed to imply in its statement that an end to rate hikes is near.

The Dow Jones industrial average (down 2.48 to 10,897.44, Charts), the Standard & Poor's 500 index (down 3.92 to 1,281.28, Charts) and the Nasdaq composite (down 3.31 to 2,303.47, Charts) all fell by around 2:25 p.m. ET, less than ten minutes after the Fed announcement.

Fed policy maker met Tuesday, led for the last time by Chairman Alan Greenspan. As expected, the central bankers opted to boost the Fed funds rate, an overnight bank lending rate, by a quarter-percentage point to 4.5 percent, the 14th consecutive rate hike since June 2004.

In its statement, the Fed said that “some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance.”

The statement was more moderate than in recent months, but did not seem to suggest the Fed will be done as soon as March, which some bullish investors had hoped.

Treasury prices were little changed after the Fed news, remaining higher. That lowered the yield on the 10-year note to 4.52 percent from 4.53 percent late Monday. Treasury prices and yields move in opposite directions.