Federal Reserve Chairman Jerome Powell will hold a press conference following an announcement on interest rates on Wednesday.

The Federal Reserve is expected to raise interest rates for the 10th time this cycle, following a two-day meeting with the reserve's monetary policy committee. Currently, interest rates sit at 5%.

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This move comes as the United States continues to beat back against high inflation rates as a possible recession looms ahead. A March employment report from the Federal Reserve indicated that 236,000 jobs were added, lower than the average, but the unemployment rate hit an ultra-low of 3.5%.

These conflicting numbers make it difficult to guess the Fed's next move, as a weak labor market would have likely led to pausing rate hikes. However, a red-hot labor market would mean that interest rates need to be raised more in order to keep slowing it.

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Raising the interest rates, while hopefully tampering down the rising cost of goods, will also affect credit cards, mortgages, investments, and savings. The stock market can also be shaken by hiking interest rates, as well.

The policy statement is set to be published at 2 p.m. EST, followed by Powell's speech at 2:30 p.m. EST on Wednesday.