• Meanwhile in markets, US Treasury yields remain pinned near yesterday’s lows as investors anxiously watch twists and turns in the Ukraine war.  According to reports, Russia has amassed massive forces in an attempt to take Kiev (probably by encircling it first, latest map here). At the same time, Russia has changed tactics and is now using more firepower by the day in hopes of crushing Ukraine resistance, which – it should be emphasized – prevented a quick victory for the Kremlin, giving President Putin a black eye (make that two black eyes). The West is now using Ukrainian resistance to bleed the Russian bear dry (one could also say the opposite, namely that the Ukrainians finally succeeded in enlisting Western moral, logistical and political support).

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