We’re not seeing any evidence that Russia is pulling away from the contested areas in Eastern Ukraine. We’re also seeing no evidence that prices are too high for consumers as retail sales data continues to show higher levels of spending. The March FOMC meeting is closing in but the previous meeting minutes were not as hawkish as the markets had expected so we await their actual decision still. Risk-off markets see flows into safe-haven currencies and precious metals and that is likely to continue, as is a fall in the benchmark equity indices.
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