The Fed increased the FFR by 25bps in March 2022, the first rate hike since December 2018 to address spiraling inflation. Meanwhile, the market is pencilling in another six rate hikes in 2022 and three more hikes in 2023. The ECB maintained the deposit facility rate at -0.5%, although other major central banks moved ahead with the rates hike. The EU faced an elevated inflation rate of 6.2% y-o-y in February (Jan: 5.6%), tripling the ECB’s 2% inflation target amid high energy costs. In March, BoE hiked its key lending rate by 25bps for the third consecutive time, taking the base borrowing rate to 0.75%. The market expects another 25bps hike to 1% in May to continue tackling inflation. CGB yields continue to rise in March. The spike in COVID-19 cases led to another round of lockdowns in Shanghai, resulting in the market expecting slower economic growth for China.