 "stock markets")
In October last year, the US Federal Reserve took a hawkish turn in the wake of spiralling inflation. It began preparing the markets for the unwinding of the post-pandemic stimulus measures.
The bond markets started reacting to the Fed’s hawkish pivot with yields on the 10-year US Treasury moving towards the dreaded 2 per cent mark. This led to foreign portfolio investors (FPIs) retreating from risky assets, mainly emerging markets (EMs) like India. Since October, FPIs have pulled out over Rs 2 trillion in what has been one of the most aggressive periods of selling by foreign investors from the
