The U.S. Federal Reserve raised its benchmark rate again in July, to a range of 2.25 percent to 2.50 percent. With the Fed hiking interest rates by 225 basis points in five months, the world will be closely watching if the U.S. will fall into recession. What has triggered the Fed's hawkish monetary policy? Will this have a toll on the world's economy and particularly developing nations? In this episode of BizBeat, CGTN's Michael Wang has the answers.