Markets are pricing in 25 bps US Fed rate hike: Analysts

On its part, the US has been battling a spike in inflation that hit 7.9 per cent in February - a four-decade high. The CPI has not been the highest since January 1982, when it hit 8.4 per cent

All eyes will be on the US Federal reserve (US Fed) this week as it is most likely to lift rates at the end of its two-day meeting March 15 & 16. The development comes at a time when war clouds over Russia and Ukraine have intensified and impacted several key commodity prices, and especially that of crude oil.

Most analysts see the US Fed hiking aggressively and expect up to seven hikes in 2022, with the one later this week to be around 25 basis