Homeowners and businesses are bracing themselves for another big increase in the UK interest rate later today.
The Bank of England monetary policy committee is expected to hike the base rate from 2.25% to 3% as it attempts to reduce soaring inflation. That would push the rate to its highest level for 14 years.
It would also mark the biggest single increase since 1989, and could have a big impact on the finances of people with mortgages and firms with borrowings.
The BBC says analysts suggest the UK rate could reach 4.75% next year, although that peak is lower than predictions had suggested a few weeks ago, when the government was in turmoil after its mini-Budget was badly received.
The Bank is under pressure to put rates up because it has a target to keep inflation at 2%, but prices are currently rising at about five times that level.
Meanwhile, the US central bank yesterday approved another sharp rise in the interest rate.
Rate move across the Atlantic
The Federal Reserve said it was raising its key interest rate by 0.75% - lifting it to its highest rate since early 2008.
It hopes pushing up borrowing costs will cool the economy and bring down price inflation.
But critics are worried the moves could trigger a serious downturn in America.
The latest increase takes the bank's benchmark lending rate to 3.75%-4%.
The Fed has said that "ongoing increases" in the interest rate will likely be needed.
Fed chair Jerome Powell said there was "still some ground to cover here, and cover it we will".
Slowing the pace of increases
However, in their latest update, US policymakers had suggested that the process of raising the rate could be starting to come to an end, with Mr Powell later saying that it would be "appropriate to slow the pace of increases (at) some point".
The time to start doing this may be as soon as the next meeting or the one after that, he commented, although Mr Powell refused to be drawn on a specific timeline.
But he later added that it was "very premature" to think about pausing rate hikes.
The comments resulted in a choppy session for US markets, with the S&P 500 jumping on the initial statement, but later dropping back after Mr Powell spoke. The Dow Jones fell 0.3% on the comments, having also spiked on the Fed's early statements.
The action by the Fed come as many other countries also raise rates in response to their own inflation problems, which have been fuelled by a mixture of factors, including higher energy prices as a result of the war in Ukraine.
FTSE 100
The UK's top share index, the FTSE 100, fell another 55 points to 7,088 shortly after opening this morning, following yesterday's 42-point dip.
Brent crude futures were down 0.87% at $95.29 a barrel.
Companies reporting today
- Half-year results: BT Group, J Sainsbury, Trainline
- Third-quarter results: PayPal
- Trading updates: Harbour Energy, Rolls-Royce Holdings, Smith & Nephew