The Federal Open Market Committee (FOMC) minutes were the big talking point and that has come through. They are hawkish but they are not a shock. They were not very informative – what was contained in those minutes is already largely known.

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Many saw 50 basis points (bps) hike as appropriate and what minutes showed that during the meeting for which these minutes are for, many on the committee thought that they should do 50 bps for March itself had it not been for this Russia-Ukraine conflict. So the urgency is very much there. Markets have been under pressure. NASDAQ is down 2.25 percent. Market is pricing for what the Fed is going to do in May did not change, that remains steady at 45 bps. Yields did nothing.

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

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