Senior United Nations trade official Rebeca Grynspan has called on the U.S. Federal Reserve to slow its interest rate hikes because of how they impact the developing world.

“When the U.S. Federal Reserve increases interest rates, it means that these countries will be in trouble,” Grynspan told FRONTLINE’s James Jacoby in an interview filmed during the making of the March 2023 documentary Age of Easy Money.

In the above video, newly published on FRONTLINE’s YouTube channel, Grynspan explains how the Fed’s rate hikes, which are aimed at curbing inflation, could lead to more “social instability” around the world.

Fed official Neel Kashkari also shares his perspective: “We pay a lot of attention into how the U.S. monetary policy impacts the world, because then it bounces back on the U.S. economy,” Kashkari says.

For more on the impact of the Federal Reserve’s policies and its efforts to stem inflation, stream Age of Easy Money.