Following the aggressive tightening outlook delivered by Fed Chair Jerome Powell on Monday, Goldman Sachs outlined a new Fed projection report, reviving the timing and the degree of the rate hikes this year.

Goldman Sachs said that they now see “two 50 basis point hikes starting with the next meeting (May and June), followed by four 25 basis point hikes into the end of the year.”

The US investment banking giant added, they now “see Fed balance sheet reduction to start May.”