Having underperformed Russia by almost 20% since unleashing the first set of sanctions and sell recommendations, President Obama has decided enough is enough and has wielded the credit market ax in this round of sanctions [3] for what the world is really not sure. As we noted here, of course, Russian firms can handle restricted access to US debt markets [4] (probably better than American firms). Nevertheless, the teleprompter is up... the people are excited, and President Obama is about to explain how these sanctions (unilaterally placed on Russia since Europe did not back them) are different and better and "fair"...
Live Feed - due to start at 1715ET
So far so good...
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And now we await the blowback, as just like the last round of US sanctions merely accelerated the Russia-China holy grail gas deal, so this one should should lead to a promptly completion of the BRIC bank. The only good outcome, considering the Fed is desperate for someone, anyone, to sell bonds, is that Russia and its $110 billion in TSYs, should promptly oblige.
