To control the highest inflation in 40 years, the Federal Reserve is once more employing its most potent weapon.

The Federal Reserve increased its benchmark overnight interest rate by 0.75%.

Fed chief stated that if price pressures have not substantially subsided by September, another raise may be necessary.

"Inflation is much too high," Fed Chair Powell said after the hike of rates.

Following the Fed's announcement of a rate hike of 3/4%, gold conducts a relief bounce.

Crypto markets increased by $100 billion after Fed's 75 bps rate increase.

According to experts, the Fed's increase in interest rates will worsen the housing problem.

For every $10,000 in debt, the 0.75 percentage-point increase on Wednesday results in an additional $75 in interest.

Mike Wilson of Morgan Stanley warns investors that the market's increase following the Fed's rate hike is a "trap."

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The market revised its expectations for a rate hike from the Fed, which caused the US dollar to fall, and crude oil rose for a weaker dollar.