The Federal Reserve raised interest rates by the most since 2000 on Wednesday as part of efforts to fight 40-year-high inflation.

Officials serving on the Federal Open Market Committee (FOMC) agreed to hike the benchmark fed funds rate by 50 basis points, bringing it to a target range of 0.75 percent to 1 percent.

Investors widely expected the Fed’s decision, as financial markets are also anticipating another 50-basis-point rate hike in June.

The Fed will also begin trimming the more than $9 trillion balance sheet. The institution confirmed that it will start selling $47.5 billion in assets. After three months, the central bank would increase it to $95 billion, a measure that might reduce liquidity from money markets for several years.

“There is a broad sense on the committee that additional 50 basis points increases should be on the table at the next couple of meetings,” Fed Chairman Jerome Powell said at a post-meeting press conference.

In a FOMC statement, the Fed acknowledged that it is concerned about elevated broad-based inflation pressures.