The Federal Reserve has voted to raise interest rates for the 10th consecutive time. Fed Chair Jerome Powell announced the latest increase on Wednesday, which brings the benchmark interest rate to a 16-year high of more than 5%.

Jerome Powell: “Reducing inflation is likely to require a period of below-trend growth and some softening of labor market conditions.”

Labor organizations blasted the Fed’s move, saying it will drive unemployment higher and further risks plunging the economy into recession. Massachusetts Democratic Senator Elizabeth Warren accused Powell of “aiming to put people out of work.”