On June 16, 2022, the U.S. Federal Reserve announced a 75-bps interest rate hike – the largest rate hike since 1994, bringing the Federal Funds target rate to 1.5-1.75%. Meeting participants (Federal Reserve Board members & Federal Reserve bank presidents) projected a median Fed Funds rate of 3.4% by year-end 2022, suggesting that interest rate hikes are likely to continue through the balance of 2022 and beyond in an attempt to control rising inflation.