We're going to focus on a lesser-known tool - a relatively untested tool called quantitative tightening.

And today, we're going to talk about another tool that was part of today's announcement. Last time that happened was more than 20 years ago. WOODS: And that is why the U.S.' central bank, the Federal Reserve, announced today that it is hiking its interest rates a half percent. Interest rates are to the Fed what the magic wand is to Harry Potter or the heart-shaped herb is to Black Panther. If the Fed has one main tool for fighting inflation, it's the ability to control interest rates. (SOUNDBITE OF DROP ELECTRIC SONG, 'WAKING UP TO THE FIRE')