With the latest hike, US Fed's rate hikes reach 500bps in one year

Fed Chair Jerome Powell last night said "rate cuts are not in our base case" for the remainder of 2023

After the latest 25-basis point (bps) rate hike by the US Federal Reserve the total rate hikes in the past one year has reached 500 bps to 4.75-5 per cent—a new high since 2007.

The US central bank expressed caution about the recent banking crisis and indicated that hikes are nearing an end.

Despite a sharp sell-off in the US markets overnight, the Indian markets have managed to hold their ground. The benchmark Sensex fell as much as 375 points, but recouped all the losses to trade in the green.

Amid the banking crisis, economists are pencilling in a rate cut this calendar