On Wednesday, the Federal Reserve made its third hike to the federal funds rate in 2022, increasing the rate to a range between 1.5% and 1.75%. According to Yahoo Finance, the 0.75 percentage point increase was “the largest move [the Fed] has made in a single meeting since 1994.”

In a statement, the Fed once again said that “inflation remains elevated,” due to factors such as Russia’s invasion of Ukraine and “supply and demand imbalances related to the pandemic.” The Fed also noted that ongoing supply chain disruptions will only be made worse by COVID-19-related lockdowns in China.

In keeping with its plans, the Fed said it will continue cutting back on its holdings of U.S. Treasury securities, agency debt and agency mortgage-backed securities.