- Stocks rose after Fed's Powell stated that the US economy is strong enough to sustain rate hikes while also promising to be cautious in removing support.
- More than 90% of the firms in the S&P Treasury yields on two-year notes have topped 1.5%, up from as low as 1.26% on Tuesday. After traders backed away from Russia, global commodities markets soared to multi-year highs, raising fears of supply shortages in everything from wheat to natural gas. Oil surpassed $110 per barrel, aluminium set a new high, while wheat reached its highest level since 2008.
- The central bank will "move cautiously," according to Fed's Powell, who stressed the "need to be agile in responding to new data and the developing outlook." In addition, the Fed chairman stated that he is leaning toward a quarter-point raise in March, which is in line with market forecasts, and that he is open to a "series of rate hikes" in 2022.
- Fed's Bullard urged for a "quick withdrawal of policy accommodation," while Fed's Evans said monetary policy is currently "wrong-footed" and has to be moved upwards toward neutrality.
- The UN General Assembly condemned Russia's incursion, highlighting Moscow's growing isolation on the international scene as US authorities consider imposing tariffs on Russian commodities. The Russian military's march continued, with the Kremlin announcing that the city of Kherson on the Black Sea had been taken. Ukraine announced on Thursday that it will participate in a second round of negotiations with Moscow.
- In the US, sell-side analysts are becoming increasingly concerned about profits predictions, with profit revisions becoming more negative since May 2020. As the war in Ukraine, rising oil costs, and policy tightening weigh on economic development, downgrades are now outweighing upgrades.
