Right now in fast the Fed drops the big one, Hikes rates, 75 basis points, the biggest

increase in nearly 30 years, and Powell says another three-quarter point hike isn't

off the table for July.

What do the market do?

It rallied.

We'll break it all down with former Dallas Fed President Richard Fisher and our traders.

Plus, Chair Powell's advice to millennials think he about buying a home right now, and

the potential ripple effect it could have on the housing sector.

And later, Biden's big oil battle, the President calls on the nation's refiners and energy

companies to pump and produce more, saying their profits are coming at the expense of consumers.

What impact will this fight have on the crude complex?

I'm Melissa Lee.

This is fast money.

On the desk tonight, Guy Dami, Tim Seymour, Karen Feynerman, and Steve Grasse, and

we start off with that right, rate hike heard around the world.

The Federal Reserve raising its target rate by 75 basis points.

That is the most aggressive increase in 28 years.

Major averages rallying across the board in response, but finishing well off, I should

say, off session highs.

The S&P up almost a percent and a half the Dow added over 300 points, both snapping

five day losing streaks.

The tech heavy Nasdaq led the way up more than two and a half percent.

...