Fed hikes the Fed Funds rate 75 basis points to 1.5-1.75%.

Median expectations are 3.4% by the end of 2022, 3.8% by the end of 2023, and 3.4% for end of 2024. Up from the March meeting. They don't expect to do 75 basis point hikes regularly.

They mention the Russian invasion has affected inflation and global economic activity. And that China's coronavirus lockdowns may disrupt supply chains.

They expect core PCE to be 4.3% for 2022, 2.7% for 2023, and 2.3% for 2024. So expect to return to the 2% target in the coming years.

They expect a slight uptick in unemployment and weaker GDP growth as we move forward for 2022 and 2023.

Powell also notes that while the Fed monitors core given that headline is volatile and less representative of broad inflation, headline isn't irrelevant and high headline can affect the public's inflation expectations.