The Fed's expected to begin raising interest rates this week to combat inflation

The Federal Reserve is expected to begin raising interest rates this week for the first time in three years. The hike aims to bring down inflation, which is at a 40-year high.

It's also happening while the war in Ukraine continues, which complicates matters for the Fed.

Jill Schlesinger, business analyst at CBS News and host of "Jill on Money,” explains.