Fed's rate hike - Domestic chip production - Covid origins study

By raising interest rates, the Fed aims to slow down the economy by making borrowing more expensive. In turn, consumers, investors and businesses pause on making investments and purchases with credit, which leads to reduced economic demand, theoretically reeling in prices and balancing the scales of supply and demand.
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The federal funds rate now sits at 2.25% to 2.5%. But the Fed thinks this needs to go up significantly to see progress on inflation, likely into the 3.5% to 4% range. The Fed's latest estimate is that, by the end of this year, the federal funds rate will sit at 3.25% to 3.50%.
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With another three rate hikes projected this year, there's concern the Fed will raise rates too aggressively, which could spark a more painful economic downturn. "We are highly attentive to inflation risks," Fed chair Jerome Powell said. "This process is likely to involve a period of below-trend economy growth, and some softening in labor market conditions. But such outcomes are likely necessary to restore price stability."