The U.S. central bank accelerated its attempts to tame soaring inflation on Wednesday with an aggressive interest rate hike.

The Federal Reserve raised its benchmark rate by half a percent, the steepest hike for decades.

And amid growing fears of a recession, the Fed is now expected to raise that rate faster and higher - with huge implications for businesses and consumers.

CGTN's Owen Fairclough has more.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.