March 4, 2022
Good morning,
It’s hard to get up for the last employment data point before this month’s Fed meeting this morning, with Europe’s largest nuclear power plant and news headlines from Ukraine on fire. Besides, it appears as though the policy decision at this month’s Fed meeting is virtually etched in stone already.
It seems that sanctions have not yet cleared the market (Wednesday’s note), particularly given the extreme daily volatility (jittery is a better description) in some commodities and currencies. In addition, it does look like an oil sanction will drop on Russia today or over the weekend – still only a speculation but with atrocities climbing, it looks inevitable. That may be a buy-the-news event for the market but there’s no predicting in geopolitical crises.