What to Watch: Russia/Ukraine Headline Risk; Metals/Oil Retreats

FI markets trading weaker again, holding lower range after Tsys followed Gilts lower in early London trade. No specific headlines to point to, however, other than de-escalation hopes and humanitarian corridors underway. Russia officials claims no intention of toppling the Ukrainian government, preferring to achieve goals via talks.

• That said, CIA Director William Burns said Putin ‘has been stewing in a combustible combination of grievance and ambition for many years.’ Burns continued: ‘I think Putin is angry and frustrated right now. He’s likely to double down and try to grind down the Ukrainian military with no regard for civilian casualties.’
• Crude and metals scaling back: WTI trading around 119.5 vs. 129.0 high Tuesday; after Gold topped $2069 yesterday, currently trading around 2005.0.
• Congressional leaders have released 2,700-page text of a bipartisan USD$1.5 trillion government funding deal. The House will take up the bill this morning but a four-day continuing resolution extending funding until March 15 will also be voted on in case the Senate needs more time to pass the bill.
• Another day of limited data: JOLTS Job Openings (10950k est) at 1000ET
• NY Fed buy operations winding down: Tsy 2.25Y-4.5Y, appr $4.025B at 1030ET
• US Tsy $34B 10Y Note auction re-open (91282CDY4) at 1300ET.