The Fed is expected to raise interest rates by three-quarters of a point and then signal it could slow the pace. The Federal Reserve is expected to raise interest rates by 75 basis points Wednesday but also signal it could begin to slow down the size of its rate hikes in December.

Markets are also braced for the Fed to end rate hikes in March at a level of 5%, and market pros say a more hawkish Fed could trigger a violent reaction.

Fed Chair Jerome Powell is expected to sound somewhat hawkish in his briefing Wednesday and emphasize that the Fed’s goal is to crush inflation.

“We think they hike just to get to the end point. We do think they hike by 75. We think they do open the door to a step down in rate hikes beginning in December,” said Michael Gapen, chief U.S. economist at Bank of America.

Gapen said he expects Fed Chair Jerome Powell to indicate during his press briefing that the Fed discussed slowing the pace of rate hikes but did not commit to it. He expects the Fed would then raise interest rates by a half percentage point in December.