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Late Roundup, Headline Risk Sensitivity

US TSYS

Late morning rebuttal of Russia Pres Putin comment of "positive shifts" in Ukraine talks by Ukraine foreign minister Dmytro Kuleba on Bbg reversed the pre-NY open risk-on moves.

  • Kuleba said there was "zero progress" in peace talks, and did not address Ukraine Pres Zelensky comment "Ukraine has reached a strategic turning point in war". Meanwhile , Kuleba asked for loopholes in sanctions against Russia to be closed along with ports currently open to Russian vessels. Kuleba reiterated Ukraine's "neutrality must come with security guarantees" while also asking for military supply including military jets offered by Poland earlier in the week.
  • Tsy bonds back near early overnight high: USM2 +26 at 155-17 (30YY 2.3418% -0.0252) before settling back inside the session rtange. Yield curves bull flattened as 5s30s dipped below 40.0 briefly, marked 40.925 -3.222 after the close.
  • Cross asset: SPX eminis -1.21% at 4196.75 (-51.5); West Texas Crude (WTI) +3.10% at 109.19 (+2.92); Gold -0.63% at 1984.47 (-12.52).
  • Markets remain on edge -- wary of headline risk over the weekend. Look ahead: slow start to next week, no significant data Monday, Feb PPI on Tuesday MoM (1.0% prior, 0.9% est); YoY (9.7%, 10.0%).

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