[He noted that it was sending out two messages: One was that policy has to eventually normalise - an important message, so that people do not think this is the new state of affairs and make investment decisions based on this.
The other message is that normalisation is not coming too soon, and that the pace of this would be dependent on the state of the US economy.
Mr Menon said in the interview that there was no recipe or textbook answer on how to do this and little certainty on how markets will respond to the normalisation of interest rates.
"Some economies, which may not have been as cautious as they should have been during the boom years of easy money, may have a tougher time negotiating the exit of these policies."]
