The fog of geopolitical tensions
Today's slide deck: https://bit.ly/3JEoZ6j -
Today we look at the latest attempt by the market to piece together a rally on the hopes that a Biden-Putin summit is in the works, while wondering what could be discussed that hasn't already been in any new talks and generally bemoaning the scale of noise in the current situation over Ukraine relative to the signal. Elsewhere, earnings season marches on, but largely winds down this week. We maintain a very defensive stance here as we await further developments, with the Fed even able to surprise on the hawkish side again if it would like to as the market has unwound most of its expectations for a 50-basis point lift-off at the March FOMC meeting.
Intro and outro music by AShamaluevMusic
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