The U.S. Federal Reserve has raised interest rates by its steepest increment in 22 years

The committee voted unanimously to increase the key interest rate by a half percentage point.

The Fed says it’s committed to shrinking its balance sheet and tightening monetary policy to get a grip on soaring inflation in America.

Chair Jerome Powell began with a powerful message for the American people, saying combatting high inflation is job number one.

He added that additional half-percentage-point rate hikes will be on the table for the next few meetings. But the bank isn’t looking to go bigger.

“A 75 basis point increase is not something the committee is actively considering,” Powell told reporters.

“If inflation comes down we’re not going to stop, we’re just going to go down to 25 basis point increases.”

Market analyst Octavio Marenzi says normally Wall street would respond negatively to a rate rise, but not today