The main events by the morning: March 20

• The US Federal Reserve left the interest rate at 4.25-4.5%. The head of the regulator noted that the economy continues to show stable growth, the unemployment rate remains low, and the labor market remains stable. Inflation is still exceeding the target, although it has slowed down. Starting in April, the Fed plans to reduce the amount of government bonds on its balance sheet from $25 billion to $5 billion in an effort to bring inflation back to its 2% target.

• The ban on territorial status changes and negotiations with Russia on the Ukrainian issue complicate the process of peaceful resolution of the conflict. This was stated by the Secretary of the Russian Security Council, Sergei Shoigu. He also added that there is currently uncertainty about who to have a dialogue with, since Zelensky is not perceived by Russia as a legitimate president. 

• Hungary would like to restore its exports to Russia. The Prime Minister stressed that Hungary is interested in ending the conflict in Ukraine as soon as possible, as it seeks to restore normal trade relations with Russia, which were disrupted as a result of European Union sanctions.

• The shortage of eggs in the United States was a consequence of the actions of the Biden administration. This was announced by White House press secretary Caroline Levitt, pointing out that the administration of the previous president had «destroyed almost 8 million chickens across the country» before his departure, which led to supply disruptions and rising prices.

• In Russia, there is a growing interest of foreign investors in federal loan bonds (OFZ). While Russian investors have reduced their activity at OFZ auctions before the Central Bank's interest rate meeting, foreign investors, who have hardly participated in Russian bond placements over the past three years, continue to show stable interest.