In each of the following sentences, a sentence is given with certain words in bold. Choose the pair/s of such words which need to be interchanged so as to make the sentence grammatically correct and meaningful.

Indian policymakers would do well to closely (a) monitor how the latest (b) volatility in trade tensions (c) pans out for global demand and international energy prices, given that the RBI has flagged oil price (d) escalation as a factor that would have a (e) bearing on India’s inflation outlook.