“Inflation is much too high and we understand the hardship it is causing.”

— Federal Reserve Chair Jerome Poweell as the Fed intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point — its most aggressive move since 2000. The Fed also announced that it will start reducing its huge $9 trillion balance sheet, made up mainly of Treasury and mortgage bonds. Reducing those holdings will have the effect of further raising borrowing costs.

Federal Reserve Board Chair Jerome Powell