The US Federal Reserve hiked rates by 50 basis points on the 4th of May— the biggest hike in two decades. Chair Jerome Powell announced plans to shrink its $9-trillion asset portfolio starting next month in an effort to reduce inflation. This marks one of the most aggressive moves by the Fed, which has otherwise increased rates by only quarter-percentage-point. Powell, however, assured that increasing rates by 75 basis points was not on the table. Wall Street stocks sank in the opening trade on the 5th of May, reversing the prior session’s gains as markets reassessed the Fed’s move to tighten monetary policy. The Dow Jones lost around 980 points, while the Nasdaq slumped around 5%. The S&P 500, too, sank by over 3%. We break it all down on the India Development Debate with Peter Cardillo, Chief Market Economist, Spartan Capital Securities LLC. Tune in!