With Japan out and Europe quiet, markets are without their normal random Nikkei headline or ECB quote of the day to juice JPY (unable to break back above 102) and stocks (for now)... and of course, it's not Tuesday. Treasury yields are lower for the 5th day in a row with 10Y breaking below 2.57% (Feb lows) to its lowest in 7 months; 30Y continues to tumble to fresh 11-month lows (below 3.35%). Gold remains bid, now pressing up to $1315 (and well above its 200-day-moving-average) and silver is rallying. Stock futures are weak having lost the post-China PMI lows as Ukraine fear continues to rise. As far as "costs", Russian stocks are down for the 2nd day in a row (around the same as US stocks for now) but the Ruble is modestly stronger even as Russian bonds weaken slightly to 9.43% yields.
10Y at new 7-month lows...
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Stocks at last week's lows...
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and Gold at 2-week highs... (with its biggest 2-day gain in over 3 months)
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And a reminder of the "costs" of sanctions...
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Charts: Bloomberg