"We have got to get inflation behind us. I wish there were a painless way to do that. There isn't."

Fed Chair Powell says 75 bps or 50 bps hike is likely in July, setting a "flexibly hawkish" tone for near-future rate policy.

Adjusted pretax profits decreased by an annualized 2.3% in Q1, although without the adjustment, after-tax profits increased 1.5%.

Inflation is front-and-center in policymaking, but "this is not a shock-and-awe Volcker moment."

FOMC also decided to start tapering its holdings of Treasuries and mortgage-backed securities by $47.5 billion per month.

The Federal Reserve may act quickly on interest rates to keep a handle on inflation.

The U.S. central bank accelerates the taper of its bond-buying and signals it will raise rates three times in 2022.

The Fed seems to be rethinking whether inflation is "transitory." This may also suggest sooner-than-expected interest rate increases are in the works next year.