FOMC: “Participants remarked that recent inflation readings had continued to significantly exceed the Committee’s longer-run goal and elevated inflation was persisting longer than they had anticipated, reflecting…imbalances related to the pandemic and reopening of the economy.”

Fed raises rates 50bps the biggest hike in two decades
FOMC: Balance Sheet Caps Phase In Over Three Months FOMC: Additional Increases In Fed Funds Rate Will Be Appropriate FOMC: Interest Rate Paid On Reserve