- Bonds fell on Wednesday, while US equity futures rose slightly, as investors braced for the Federal Reserve's biggest interest rate hike since 2000 and awaited more clues on how aggressively it will combat inflation.

- Global bonds are wilting in the face of monetary tightening, with German 10-year yields hovering around 1% and UK yields hovering around 2%. Yields on the safest sterling corporate bonds have risen above their pandemic peak, just as policymakers at the Bank of England consider raising interest rates to their highest level since the global financial crisis.

- To add to the tightening outlook, European Central Bank executive board member Isabel Schnabel stated that it is time for policymakers to act to tame inflation and that an interest-rate hike could occur as early as July. Meanwhile, Iceland's central bank raised interest rates for the first time since the 2008 financial crisis, and India raised rates unexpectedly on Wednesday.

- Treasuries rose slightly, and the dollar index remained near two-year highs. The dollar's strength reflects concern about a variety of risks, including tightening financial conditions, China's currency lockdowns, and Russia's war in Ukraine.

 

- EC Pres. von der Leyen: We will phase out the Russian supply of crude oil within the next six months, and refined products by the end of the year.

- EC Pres. von der Leyen: Presenting the 6th EU Russia package of sanctions today.

- EC Pres. von der Leyen: There will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.