Fetch API & Handling JSON Responses

What advanced pattern is implemented in this code?
async function fetchWithRetry(url, retries = 3) {
  for (let i = 0; i < retries; i++) {
    try {
      const response = await fetch(url);
      if (!response.ok) throw new Error(`HTTP error! status: ${response.status}`);
      return await response.json();
    } catch (error) {
      if (i === retries - 1) throw error;
      await new Promise(r => setTimeout(r, Math.pow(2, i) * 1000));
    }
  }
}
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