The Federal Reserve raised interest rates by 75 basis points (bps)—the biggest increase since 1994—and Chair Jerome Powell signaled another big move next month, intensifying a fight to contain rampant inflation.

Slammed by critics for not anticipating the fastest price gains in four decades and then for being too slow to respond, Powell and colleagues on Wednesday intensified their effort to cool prices by lifting the target range for the federal funds rate to between 1.5 percent and 1.75 percent.

He said another 75 bps hike, or a 50 bps move, was likely at the next meeting of policymakers. They forecast interest rates to rise even further this year, to 3.4 percent by December and 3.8 percent by the end of 2023. That was a big upgrade from the 1.9 percent and 2.8 percent that they penciled in for their March projections.