Inflation is at a 40-year high. The Fed announced these aggressive moves to fight it 

The Federal Reserve raised its key short-term interest rate by a half percentage point Wednesday, its largest hike since 2000, and signaled further big moves may lie ahead as officials scramble to curtail a historic spike in inflation.

https://www.usatoday.com/story/money/2022/05/04/fed-interest-rate-raised-combat-inflation/9634030002/