Good morning and welcome to the ABC's live markets blog this Friday, March 24.

Overnight the Bank of England followed the lead of the Federal Reserve, lifting interest rates by 0.25 percentage points.

That's taken the UK central bank's cash rate target to 4.25% — but the BoE's Governor Andrew Bailey admitted he doesn't know if this is as high as rates will go.

"We don't know whether it's going to be the peak," he said.

"What I can tell you is that we've seen signs of inflation really peaking now, but of course it's far too high.

"We need to see it starting to come down progressively and get back to target."

In the US, Wall Street had a back-and-forth trading day, but finished higher after Treasury Secretary Janet Yellen restated that measures will be taken to keep the deposits of Americans safe in the wake of the Silicon Valley Bank and Signature Bank collapses.

"As I have said, we have used important tools to act quickly to prevent contagion. And they are tools we could use again," she told a US House subcommittee.

"The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted."

In other news overnight, Rio Tinto says current and former employees may have had their personal data stolen by a cybercriminal group.

The stolen data is related to an attack on a third-party app used by the mining company, which says payroll information have been seized.

Rio Tinto says the group threatened to release the data onto the dark web, and investigations into the incident are ongoing.

All of this points to the ASX opening lower this morning, after all but one sector finished in the red yesterday.

Will it rally in the wake of Wall Street's see-sawing? Let's grab a coffee and wait and see it play out, shall we?