1) Bank of England raises interest rate to 0.75%
The Bank of England raised interest rates on Thursday in a move to tackle the fast-rising inflation as the economy is taking a hit from surging energy prices.
Eight out of nine policymakers voted to raise interest rate from 0.50% to 0.75%, a day after the U.S. Federal Reserve announced its rate hike by 0.25 basis point.
2) Russia avoid first default after paying $117 million to Citibank
Russia says it made a $117 million payment to Citibank, which is acting as agent for Eurobond interest payments, amid concerns of default due to the sanctions from western country, while enabling the Kremlin to avoid the country’s first default on foreign debt since the 1917 revolution.
3) S&P cuts Russia foreign rating to CC after missing coupon payment
S&P cuts Russia foreign rating to CC from CCC-. Rating remains watch negative. It says that investors did not receive coupon payment on dollar-denominated Eurobonds when payment was due on March 16 due to sanctions. However, there is a 30-day grace period and Russia still reportedly attempts to transfer payment to bondholders.
4) US 30-year mortgage rose to nearly 3-year high
The 30-year fixed-rate home loan in the United States of America rose to 4.16% in the week ending on Thursday, its highest level since May 2019 and up from 3.85% the previous week.
The data reports came a day after the U.S. Federal Reserve announced a 25 basis points rate hike, while signaling for further increases in the remaining meeting this year, and mortgage rates could continue to rise over the course of the year.
