Powell says the Fed could hike rates by 0.75 percentage point again in July

Powell said the central bank could raise interest rates by a similar amount.

Powell said that a 50 basis point or 75 basis point increase seemed most likely at the next meeting. Rate increases will be appropriate.

Powell said that the pace of those changes will be dependent on incoming data and the economy. Today's 75 basis point increase is an unusual one and I don't expect it to be common.

The central bank hiked benchmark interest rates by three-quarters of a percentage point on Wednesday, the most aggressive hike in two decades.

Powell's decision to leave the door open to another hike was a positive surprise to the markets, as investors wanted to see how serious Powell was about fighting rising prices. The major equity averages rose to their session highs.

The Fed has allowed inflation to get out of control, according to Bill Ackman. Credit markets have lost faith in the Fed.

Ackman wants the central bank to act more aggressively in order to restore market confidence.

The Committee said that it is committed to returning inflation to 2%.

The Fed will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate. The committee thinks the rate will go up to 3.8% in 2023.