Good morning. Today is Friday, April 22nd, and I'm your host Julie Morgan. Our top stories,

another rate hike, crude oil, and Disney. How much will the Federal Open Market Committee

increase the interest rate over the next three months.

How many millions of barrels of oil are companies getting from the U.S. Strategic Petroleum Reserve?

And what caused Disney shares to seek a 52 week low?

Let's talk about it.

The Federal Reserve is ramping up market expectations for big interest rate hikes.

A move this drastic would have been considered unthinkable just a couple of months ago.

But how drastic are we talking here?

We told you Thursday right here on Wall Street breakfast that Fed Chair Jerome Powell would be speaking

at the IMF debate.

Following that appearance, Nomura said today that the FOMC will hike the Fed funds rate

75 basis points in June and July after a 50 basis point rise in May. I'll give you a

second to let that sink in. If this happens it would bring the rate up to 2.25%. And apparently Powell said a 50 basis point hike was on the

table in March, but it ultimately ended up being only half of that. He also said that

there was some merit in front load tightening with upside risks to inflation

and a historically tight labor market.

Powell's comments resulted in traders pricing in more aggressive hiking with CME Fed Watch now pricing in an 85% chance.

The benchmark rate will rise to a range of 1.5% to 1.75% after the June meeting.

Talk of a 75 basis point increase

started with St. Louis President James Bullard

when he said he would not rule it out.

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