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What to Watch: First Round of Sanction on Russia Start

MARKET INSIGHT

Focus remains fixed on Russia/Ukraine developments. First round of U.S. sanctions on Russia in response to actions in the Donetsk and Luhansk Regions starts today, three initial targets:

    • BLOCKING MAJOR RUSSIAN FINANCIAL INSTITUTIONS
    • TARGETING ELITES AND FAMILIES CLOSE TO PUTIN
    • SOVEREIGN DEBT RESTRICTIONS
  • Moscow to give "strong response to new U.S. sanctions" state media RIA reports.
  • Ifax reports similar response to UK: Russian Foreign Ministry: "If Britain Implements Threats Against Russian Media, Retaliatory Measures Won't Take Long."
  • Economic data: Limited to MBS refis earlier (-16% SA; PURCH INDEX -10% SA THRU FEB 18 WK), session sees Tsy auctions ($35B 119D bill CMB, $53B 5Y note), NY Fed buy-op resumes Thu.
  • Fed speak at 1530ET: San Fran Fed President Daly keynote speech at LA world affairs council, Q&A
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