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Good morning! Welcome to Axios today. It's Thursday June 16th. I'm Naila Boudou.

Here's what we're watching today. The Biden Administration's order to protect

LGBTQ rights, plus an FDA panel endorses vaccines for our youngest children.

But first, the Fed gets aggressive on inflation. That's today's one big thing.

Interest rates are going up. In the most aggressive rate hikes since 1994,

the Federal Reserve yesterday agreed to raise interest rates three-quarters of a percentage point.

Plus, Fed officials gave some indication of what they're expecting for our economy for the rest

of the year. Neil Erwin is Axios' chief economic correspondent and was at the Fed for the

announcement yesterday. Hi, Naila. So the headline is that interest rates are going up,

but can you help us understand what this move indicates about where the economy is and where it's

headed? So basically, what the Federal Reserve is trying to do is take an economy that is running

and their view is too hot. There's too much demand out there, too much money floating around

for too few goods. The result is this high inflation we have. They're trying to reduce demand.

They're trying to make people spend less. They're trying to slow the economy down to come into

better balance and hopefully bring inflation down. The cost of that, of course, is higher interest

rates and less activity. Chairman Jerome Powell said the goal is to bring inflation back to

two percent. How long will that take? I mean, if you look at the Fed's own forecast, they think

it'll take at least a couple of years. It really is anybody's guess. We just don't know. We're

in such an unusual environment with all the energy pressures coming from the Ukraine war, all the

...