All it took was one hot inflation report to convince the bond market that the Federal Reserve might really raise interest rates three or more times this year and several more next year.

The spurt in vegetable and cereal prices pushed retail inflation to 10.91 per cent in February, raising doubts over whether the Reserve Bank of India would reduce policy rates on March 19.



This is higher than the annual consumer price index (CPI) inflation of 10.79 per cent recorded in January.



While vegetable prices jumped 21.29 per cent in February on a year-on-year basis, cereals and p