Cameron Brandt, EPFR Global, The issue for India, certainly from a fund perspective, has been that the global emerging markets funds, the big diversified funds, even as they have raised their average allocation to India to a new record high, have not been attracting much money, if at all. So that source of flows has really dried up or even gone into reverse for much of the past five, six months. The India dedicated funds on the other hand, never left.
What are your key takeaways from the commentary that we heard from the Fed Chair yesterday? What was different?
Cameron Brandt: There was not much that was different, except that Jerome Powell did send a very strong signal that the interest rates have peaked even if they are not going to go down as quickly as markets hoped coming into this year. It was testimony that did not throw any nasty surprises in the mix. So markets had pretty much assumed what the chairman actually said. It was a strong orange or green light to keep moving in the direction people already were.
What is the outlook then in terms of what the trajectory could be for inflation and how have you read into it as well as the jobless claims data that came in?
Cameron Brandt: I have been among those who felt that it was going to take a bit longer than