What to Watch: Russia/Ukraine Tension Heats Up

Main focus on any Russia/Ukraine developments as crisis deepens. Pres Putin inserted "peacekeeping" forces after formally recognizing separatist regions of Donetsk and Luhansk during Monday national address.

• U.S./allies response so far: Pres Biden signed an executive order that prohibits new investment, trade, and financing to the separatist region. UK PM Johnson sanctioning five Russian banks this morning as a "first tranche" of punitive actions. German Chancellor Olaf Scholz annc'd certification of gas pipeline ‘Nordstream 2 cannot go ahead after the Russian violation of Ukrainian territory’.
• Elsewhere, ongoing China/US tension over Taiwan: China sanctions US defense contractors Raytheon Technologies and Lockheed Martin over $100 million arms sale to Taiwan earlier in month.
• Economic data: more housing data, Markit PMIs, flurry of Tsy auctions, NY Fed buy-op on tap.
  
  • At 0900ET (prior, est):
    
    • House Price Purchase Index QoQ (4.2%, --)
    • FHFA House Price Index MoM (1.1%, 1.0%)
    • S&P CoreLogic CS 20-City MoM SA (1.18%, 1.00%); YoY NSA (18.29%, 18.00%)
      
  • At 0945ET: Markit US Manufacturing PMI (55.5, 56.0); US Services PMI (51.2, 53.0); Composite (51.1, --)
  • At 1000ET:
    • Conf. Board Consumer Confidence (113.8, 110.0)
    • Richmond Fed Manufact. Index (8, 10)
  • Fed speak at 1530ET: Atlanta Fed Bostic, virtual conf w/ Duke Univ, no text, Q&A