US interest rate decision due today

Investors and market players await the US Federal Reserve's monetary policy decision today, March 22, pricing in an 80% chance for a 25-basis-point (bp) interest rate hike.

Today's meeting of Fed policymakers came amid the recent crises in the global banking system, coinciding with the faltering of the Silicon Valley Bank (SVB) and Credit Suisse upheaval.

Elsewhere, billionaire Elon Musk suggested that the Fed would cut interest rates by at least 50 bps.

The US central bank has already raised interest rates eight times in a row, reaching the current 4.5-4.75% range.