The Committee judges that some further measured policy firming is likely to be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.
The market currently is pricing in another 25 basis points for the January 31 meeting [Greenspan's last] and gives about a 75% chance of another 25 basis points at the March 28 meeting. As long as the economy is steaming along rate hikes make sense as they allow the Fed to 'reload' - they'll be able to have more room to cut when its next required.
Here's Larry Kudlow's take on the move - he's quite bullish.