US, Asian and European markets also experienced downturns following the hawkish statements from the US Fed Chairman. The global market scenario reflected the spike in the US 10-Year bond yield to a 16-year high and the Dollar Index reaching a 10-month high of 106. Challenges in China’s property market and fears of inflation further contributed to the market’s downturn. While cautious optimism remains, traders anticipate weak to flat market action in the forthcoming week.