The Federal Reserve announced Wednesday afternoon it would hike interest rates by 0.75 percent instead of an expected increase of 0.50 percent. This is now the largest single interest rate hike since 1994, Yahoo Finance reported. In a statement, the Federal Reserve said it hopes to bolster employment rates and control rising inflation. Economic projections released Wednesday show interest rates to potentially rise 3.4 percent by the end of the year, meaning another 1.75 percent in rate hikes over the remaining four policy meetings this year. “Overall economic activity appears to have picked up after edging down in the first quarter,” the Federal Open Market Committee said in a statement. The committee also affirmed its goal to further “ongoing increases.”