Overall Market Backdrop, March

• On the 23rd March, the Bank of England (BofE) announced a quarter point (0.25%) rate rise to 4.25%, marking their 11th successive rate rise, hitting the highest level since 2008.
• Across the pond, markets started the month expecting Fed rates to be higher for longer, however the mid-month banking crisis was taken into consideration for the Federal Open Markets Committee (FOMC) meeting on the 21st, and ultimately softened the hike.
• During the week of the 6th March 2023, California-based Silicon Valley Bank (SVB) experienced an escalating bank run from its tech and life science-focused depositor base.

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