Fed doubles down on interest rate hikes

For the second month running, the US Federal Reserve has upped its interest rate. America's central bank has increased the cost of borrowing by 0.75% - the latest in a series of aggressive policy decisions against rising prices. World Business Report hears from business owners across the country: Kymme Williams-Davis, a New York coffee shop owner; and Greg Ackerman, an arable farmer from Michigan. We're also joined by Susan Schmidt from Chicago firm Exchange Capital Resources. There's more bleak news over Europe's energy supplies, as gas prices hit a new record high. Cornwall Insight's analyst Dr Craig Lowery gives us his predictions ahead of a difficult winter. Elsewhere, Instagram has drawn criticism after bosses said it would move away from photos in favour of video content. Should they #MakeInstagramInstagramAgain? (Picture: Fed chairman Jerome Powell announces the rates hike in Washington, DC. Credit: Drew Angerer, Getty Images).