Federal Reserve Chair Jerome Powell said in remarks following the central bank's 50 bps interest rate increase on Wednesday:

"The current picture is plain to see. The labor market is extremely tight and inflation is much too high. Against this backdrop today, the FOMC raised its policy interest rate by a half percentage point and anticipates that ongoing increases in the target rate for the federal funds rate will be appropriate."

Powell adds, "There is a broad sense on the committee that additional 50 basis point increases should be on the table at the next couple of meetings."

S&P 500 vs 10yr Treasury Yield

Stocks hit session highs and bond yields retreat after the Fed raises the overnight bank lending rate by 50 basis points to 0.75%-1%, and announced a balance sheet wind down that was less aggressive than some were expecting.

The move by the central bank was widely anticipated.

Rep. Jim Jordan (R-OH) at a House Judicary Committee oversight hearing (Photo by Kevin Dietsch/Getty Images / Getty Images)

Rep. Jim Jordan is demanding answers from Federal Trade Commission chief Lina Khan, after the chairwoman's former employer called for her agency to block Elon Musk's purchase of Twitter.

"The day after Twitter’s board of directors agreed to sell Twitter to Mr. Elon Musk, the Open Markets Institute (OMI), an extreme left-wing political advocacy organization, called on Biden regulators at the Federal Trade Commission (FTC), the Federal Communications Commission (FCC), and the Justice Department to ‘block’ the purchase," Jordan, R-Ohio, wrote in a letter sent to Khan on Wednesday and obtained by FOX Business. 

"We are concerned that OMI—where you were previously employed as Legal Director—may be trying to leverage its close relationship with you to take action to further limit free speech online," Jordan told Khan.