"The markets have become very rotational in terms of first sectors and then stocks. That will continue till we get some better clues from the Fed meeting. But until then, it is just going to remain this choppy and be data driven. There is always a risk of unintended consequences as rates go higher. So any event, which is never good news for markets, might be the catalyst which will give the Fed an opportunity to go on hold and the market will start to re-price the risk again."