The Federal Reserve raised interest rates by half a point Wednesday marking the largest increase since 2000.

Fed Chairman Jerome Powell says the group’s goal is to slow the inflation rate to about two percent.

“Over the 12 months ending in March, total PCE (consumer prices paid for goods and services) rose 6.6 percent,” Powell said. “Excluding the volatile food and energy categories, core PCE prices rose 5.2 percent.”

He said because the rate hike is a demand side adjustment…

“We can’t affect – really – oil prices, or other commodity prices, or food prices and things like that,” he said.

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