The US Federal Reserve's decision to pause rate hikes has been expected, as markets saw a 25-basis-point hike and a "big pause" to follow. However, US Fed Chair Jerome Powell has stated there will be no cuts at present. Economists predict a rate cut could happen later in the year as US bond yields were at a half-year low. In India, where inflation has historically been a significant issue, it will depend on how weather conditions affecting the monsoons play out to predict rate cycles over the next six to eight months.