“The urgency to move faster coincided with Fed policymakers’ expectations that inflation will not abate as fast as they had expected in their March projections. The median Fed policymaker now expects prices to rise by 5.2% … The central bank also downgraded expectations on other key economic measures, expecting the U.S. economy to grow by only 1.7% this year, compared to the 2.8% it had forecast in March.” Federal Reserve raises interest rates by 0.75%, most since 1994, amid effort to slow inflation.

+ The Conversation: 5 things to know about the Fed’s interest rate increase and how it will affect you. (And a 6th thing: It may, at least for today, allow you to check your stock portfolio without projectile vomiting.)