WASHINGTON D.C. — U.S. Federal Reserve chair Jerome Powell discussed the central bank’s largest core interest rate hike in decades and the data used to justify the move.

The Federal Open Market Committee (FOMC), the panel of Fed officials responsible for setting monetary policy, hiked rates by 75 basis points for the first time in decades after a tumultuous two-day stretch for financial markets and the economy at large.

The steeper interest rate hike is expected to have an immediate impact for borrowing costs on credit cards and other shorter-term loans tied directly to the Fed’s baseline interest rate range. It will also likely keep up pressure on mortgage rates and other longer-term loans, which move in line with Treasury bond markets.

Read more about the FOMC’s decision, and the potential impact of an interest rate hike through the link above.

Watch the entirety of Powell’s press conference in the video above.