There was a sense that the US Fed (the Fed) was at the end of its journey, of getting the US consumer price index (CPI) on its path to the 2 per cent target. This job has been complicated in recent weeks by a strong showing in the US economy, and by concerns about sustained exports from Ukraine. It appears that the US is now headed for rate hikes of 50 basis points more. Here in India, monetary policy action by the Fed and the Reserve Bank of India (RBI) has significantly reined in the post-Covid expansion. The RBI’s strategy of holding is on track.