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Hanna O'Reilly Jun 15 The Federal Reserve is taking aim at inflation with the largest interest rate hike since 1994. "It's essential that we bring inflation down," said Federal Reserve Chairman Jerome Powell. The Federal Reserve held a two-day meeting Wednesday before finally landing on a three-quarters-of-a-point hike. That means no more record-low mortgages, and credit card rates could rise. They say they understand the impact inflation has on everyone, and they're doing what they can to turn the tide. "My colleagues and I are acutely aware that high inflation imposes a significant hardship, especially on those least able to meet the higher cost of essentials like food, housing and transportation," Powell said. Powell says this decision is part of a plan to return inflation to a target rate of 2%, a plan that officials say they have the tools to execute. "We're strongly committed to push it back down and are moving expeditiously to do so," Powell said. So what does this hike mean for the average person? "Higher interest means higher payments for cars, housing, and again throw that in with higher food costs, higher gas costs, it really is a tough, tough time," said Tony Ianelli, President and CEO of the Greater Lehigh Valley Chamber of Commerce. Iannelli says what will happen with the economy in the future is anyone's guess. "It is probably one of the most interesting and unpredictable times I can remember relevant to the economy," Ianelli said. Powell also mentioned Wednesday that he doesn't expect moves of this size to be common, but those decisions will be handled on a meeting-by-meeting basis.