NASDAQ, S&P 500 , Dow Jones closed high as FED gets more aggressive on inflation fight.

The FED announced that it was increasing its key interest rate by 75 basis points - the largest one time rate increase in more than a quarter century. At his press conference, Chairman Jay Powell said another hike of 75 basis points is possible in July.

The 10 year Treasury yield dropped 15 basis points to 3.32 % and 2 year declined 20 basis points to 3.24%.