U.S. inflation in May was at a 40-year high with consumer prices up 8.6% year-on-year. Current runaway inflation has proven Federal Reserve chairman Jerome Powell's previous comment that inflation would be "transitory" inaccurate. And now economists are saying it is too late for the Fed to raise rates. In this episode of BizBeat, CGTN's Zheng Junfeng explains why he thinks Biden administration has been unable to wrestle with high inflation.