Wall Street’s excitement about a potential pause in the Federal Reserve’s aggressive tightening campaign was not enough to keep the stock rally going, with chair Jerome Powell says it may be too soon to cut rates.

So what does that mean? If the Fed does not cut rates by the end of this year, would that be enough to trigger a recession? Or perhaps even a stagflation? 

On Money in the Market, Hongbin Jeong speaks to Vishnu Varathan, Head of Economics & Strategy, Asia at Mizuho Bank, to dive deeper into this latest interest rate decision by the Fed.