He said that interest rates could be raised further and that he was willing to sacrifice growth to reduce inflation. US stock markets plummeted following his speech.
In response to this, the Indian stock market also fell sharply yesterday. Hence, the stock market was expected to decline today as well. But, as the Asian stock markets opened positive this morning, the stock market in India also started positive.
The stock market, which started hot from the beginning, continued to rise. Sensex rose by 1564 points. Nifty rose 446 points. Bank Nifty rose 1260 points.
Bears expected the stock market to fall due to fears of inflation, rising interest rates, and recession. But the Bulls did it without sinning in one day.