The UN agency called the Fed's actions an "imprudent gamble" with the lives of those less fortunate. If central banks don't "course correct," the UN agency said, emerging countries could tumble into a series of debt crises and health and climate emergencies
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An alternative to rate hikes: There's more than one way to lower inflation rates, argued UNCTAD Secretary-General Rebeca Grynspan. For instance, countries could implement a windfall tax - a one-time levy on an industry that has experienced unusually high profits - on oil and gas companies.

"There's still time to step back from the edge of recession," she said.

A UN agency wants the Fed to slow its interest rate hikes | CNN Business

The Federal Reserve’s aggressive tightening policy has led the US dollar to appreciate to multi-decade highs, squashing currencies around the world.

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