On Thursday, the U.S. Federal Reserve bumped up its benchmark policy rate by 25 basis points to a range of a quarter to half a percent. The Fed also signaled it expects six more rate hikes this year. Amid the ongoing Russian-Ukrainian crisis, energy prices have soared, dragging the world into the quagmire of stagflation. The worsening inflation rates in the United States have increased the pressure on the Federal Reserve to speed up tightening monetary policy. In this episode of BizBeat, CGTN's Michael Wang explains.