Will the Fed's massive rate hike work?

The global economy is in uncharted territory, and where it goes next is anybody’s guess. Raging inflation, the soaring costs of gas and food are plaguing consumers in America and around the world. The US Federal Reserve took its most aggressive move in decades on Wednesday, hiking the interest rate 75 basis points to try to rein in the rising prices. Just today the Bank of England also raised rates. But will the rate hike be the cure to cool down this overheated economy, or is it now at risk of sliding into a recession? And what might the outlook mean for big issues laid bare by the pandemic, including inequality and the economic cost of racism? Joining the show to try and answer these thorny questions is Michelle Holder, an economics professor and outgoing president and CEO of the Washington Center for Equitable Growth.  Also on today's show: Sgt. Aquilino Gonell, a Capitol police officer injured on January 6; David Miliband, President and CEO of the International Rescue Committee. To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices