- As hope for a de-escalation of Russia's war in Ukraine vanished, equities plummeted and oil prices climbed.
- US futures fell on fears that the recent gains are the markings of a bear market rally and that the treasury curve implies an approaching recession. The Stoxx 600 index in Europe ended a three-day winning run after rising to its highest level in five weeks, as the Kremlin said that discussions with Ukraine in Istanbul on Tuesday had failed to produce any advances.
- After the Bank of Japan vowed to buy more securities than expected, including longer-dated debt, the dollar fell while the euro rose, and the yen rebounded from a six-year low.
- European bonds fell, with shorter maturities leading the way, as traders wagered that increased inflation will force the European Central Bank to stop its low rate policy sooner than expected. Germany's two-year rates, which are among the most sensitive to changes in the main policy rate, are on track to close above zero for the first time since 2014.
- The Kremlin claims that it has not seen anything else that is particularly promising or that appears to be a breakthrough and that there is still much work to be done.
- German Govt. council of economic advisors: Forecast average inflation rate of 6.1% in 2022, 3.4% in 2023.
- Ukrainian Presidential Advisor, on negotiations: In all respects, Ukraine has improved its position.
- ECB's President Lagarde: Energy, food, and bottlenecks are causing inflation to rise.
