The Federal Reserve on Wednesday raised interest rates by 0.75%, the largest move it has made in a single meeting since 1994.

The central bank messaged that further interest rate hikes will come this year, as the Fed leans on higher borrowing costs to dampen demand and work to slow faster-than-expected inflation.

Colorado, New Mexico, Utah, Wyoming, Arizona, California, and Nevada all receive water from the Colorado River and next year will see a decrease of between 2 million and 4 million acre-feet of water due to the ongoing drought that has gripped most of the Western U.S. (An acre-foot is the amount of water needed to cover one acre of land in one-foot-deep water.) Current allotments of water from the Colorado range from 300,000 acre-feet for Nevada to 4.4 million acre-feet for California.

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