The Federal Open Market Committee met, they increased the funds rate by 25 basis points, life goes on. 

Honestly, I've tried to come up with something interesting to say, but I'm drawing a complete blank.  The Wall Street Journal managed to drum up some reaction, though.  A sampling:

Bernanke, if confirmed, will face a decided tightrope act starting immediately. Will he earn his inflation-fighting stripes and continue down the path Greenspan started? Or will he bow to the concerns of the consumer and take a pause at his first official meeting? If the core inflation data remains as benign as it has been AND we get some mediocre holiday numbers, we think Bernanke would be wise to reevaluate the situation, and be leery of risking 'inverting the yield curve' in the 1Q of 2006.
-- John B. Norris, Morgan Asset Management

It seems clear that policymakers are not looking to send any new signals at this point.. We suspect that the official statement will undergo significant change in the not too distant future, but the Fed is justifiably wary about implementing such a shift at this point due to a fear that it could be misinterpreted.
-- David Greenlaw, Morgan Stanley

There is a small change in the language relating to inflation from Sep 20: The Fed remains concerned that the "cumulative rise in energy and other costs have the potential to add to inflation pressures." "Cumulative" is new, and presumably is intended to mean that the dip in energy prices over the past couple of months is not enough to assuage inflation fears.
-- Ian Shepherdson, High Frequency Economics

The message from the FOMC continues to be that their central case scenario remains one where the tightening process will continue... unless steered otherwise by Fed-speak, it seems sensible to expect further 25bp tightening moves at upcoming meetings.
-- Joshua Shapiro, MFR Inc.

At MarketWatch, we get another notice of the addition of "cumulative" to the statement:

Bob Walters, chief economist at Quicken Loans, said that taken together, the Fed's new language on rebuilding and cumulative tightening means that a rate hike in December "is a lock" and that another rate hike is likely in January.

That sentiment was echoed at Bloomberg:

"Greenspan's going to keep doing what he's been doing, which is raising rates and trying to restrain inflationary pressures,'' said Drew Matus, senior economist at Lehman Brothers Inc. in New York, in an interview before today's decision. ``I suspect that Bernanke will follow his lead when the time comes"...

"It won't be the last one,'' said Kenneth Goldstein, chief economist at the Conference Board, a research group in New York, before the rate decision. "How many more and the timing of them are becoming dicier with each increase.''

Ditto at Reuters, but with an added glimpse of life for the new chairman that differs from Mr. Norris' reflection in the Wall Street Journal roundup:

"I think this is telling you that they are going to do at least another (rate hike), and then likely a couple more after that," said economist Robert MacIntosh of Eaton Vance Management in Boston who foresaw three more hikes ahead.

"Greenspan will be done early next year, and then Bernanke likely needs to prove himself so he will probably do one as well," MacIntosh suggested.

Same deal at CNNMoney:

"What's remarkable is how little the statement changed," said David Kelly, economic advisor at Putnam Investments in Boston. "The one thing that is important is that the Fed has always, over the past few years, tipped its hand. But they have still not indicated that they are close to ending their tightening"...

"Bernanke's first job will be to maintain the rough course set out by his predecessor," Kelly said.

So, maybe this will get interesting some day.

If you are itching for blogger commentary, Economist's View has what you need.   So does The Prudent Investor, and William Polley (who shows in the WSJ piece too!)