The key points discussed in the video transcript are as follows:

1. The market is pricing in a 50% chance of a 50 basis point hike at the upcoming FED meeting on March 22nd.
2. The speaker believes there is a good chance of a 50 basis point hike due to accelerated economic conditions.
3. The bond market is signaling problems and a potential economic downturn, while the equity market is not fully acknowledging this.
4. There is a circular view or Catch-22 situation where pressure in the equity market prompts the FED to take action, but the amount of liquidity in the market may prevent a significant downturn.
5. The speaker mentions the need to purge the system and return to normalcy, which may require a negative M2 for an extended period of time.
6. The implied terminal rate is now up to 5.63%, indicating expectations of higher interest rates in the future.
7. The probability of a 50 basis point hike in March has increased from 50% to 65%.
8. The speaker does not see any data suggesting deflation or a reason to not implement a 50 basis point hike.
9. The job data does not indicate a need to slow or stop rate hikes.

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