Since 2022, the Fed turned to aggressive interest rate hikes to fight inflation, while the U.S. latest annual inflation rate surprised on the upside at 6.4 percent, way above the Fed's target of two percent. Fed policymakers indicated further rate hikes while leaving other countries, especially emerging economies, to pay the price of high inflation, currency depreciation and capital outflows. In this episode of BizBeat, CGTN's Zheng Junfeng explains.