There are three concerns for markets. The Russia-Ukraine war, according to news reports on Wednesday indicated that maybe things are thawing a little bit there. China has been a big problem for markets. And Fed has left no uncertainty on the table at least at this point in time.

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One may think the Fed is hawkish, so why is the equity market up so much? There are three reasons – one is market positioning, two is the comment coming in from Fed Chairman Jerome Powell “All signs are that this is a strong economy, indeed, one that will be able to flourish, not to say withstand, but certainly flourish in the face of less accommodative monetary policy.” And number three is – for many in the market, the bigger thing was balancesheet reduction.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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