The S&P 500 records its worst session this month while short positions on U.S. shares hit their highest level in more than a year. U.S. Federal Reserve Chairman Jerome Powell tells the House Financial Services Committee that efforts to rein in inflation are far from over. The Bank of England faces pressure do the same after a shock inflation print sends two-year gilts surging to a 15-year high. In the wake of the collapse of Credit Suisse, the SNB has called for more robust capital buffers and a framework to stabilise or wind down important lenders. And in retail news, the FTC sues Amazon, accusing it of duping customers into subscribing to its Prime service without their consent.

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