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Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, “The hawkish message sent by the new chief of the Fed, Kevin Warsh, was a bit unexpected since Warsh has been in favour of rate cuts and that was what President Trump wanted. But the persistently high inflation in the US left the FOMC with no choice but to send a hawkish message. The dot plot indicates rate hike, possibly in October. The US 10-year bond yield rose to 4.46% leading to a sell-off in the US markets towards the close.”