Danielle DiMartino Booth on Fed's Rate Hike

The Federal Reserve raised interest rates by 0.5 percent on Wednesday as part of efforts to fight 40-year-high inflation. The expected move is the fastest single increase in over 20 years.

Yet Wall Street rallied after Federal Reserve Chair Jerome Powell downplayed the likelihood of an even larger interest rate hike.

NTD talked to Danielle DiMartino Booth about the market's reaction to the news and where she sees inflation going. Booth is the CEO of Quill Intelligence, former adviser to the Federal Reserve bank of Dallas, and author of "Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America."