Fed rate hikes stir up vicious circle in developing countries: expert

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Fed rate hikes stir up vicious circle in developing countries: expert

STORY: Fed rate hikes stir up vicious circle in developing countries: expert DATELINE: May 5, 2022 LENGTH: 00:02:13 LOCATION: Nairobi CATEGORY: ECONOMY SHOTLIST: 1. various of the U.S. Federal Reserve 2. various of Fed Chair Jerome Powell speaking 3. SOUNDBITE (English): STEPHEN NDEGWA, International relations lecturer, United States International University (USIU-Africa) 4. various of the market STORYLINE: As the U.S. Federal Reserve on Wednesday raised its benchmark interest rate by a half percentage point, a Nairobi-based expert warns that "we're going to have a vicious cycle, where there's less money in the U.S. and definitely less money going to the developing world." The Fed's latest move marks the sharpest rate hike since 2000, as it takes more aggressive steps to rein in the highest inflation in four decades. SOUNDBITE (English): STEPHEN NDEGWA, International relations lecturer, United States International University (USIU-Africa) "The high-interest rates are supposed to stabilize the consumer pr

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