Global Markets Unravel As Putin Launches "Military Operation" In Ukraine

As Russian President Putin announces a "special military operation" in Ukraine and warns of "consequences" for foreign interference, global markets are turmoiling.

US equity futures are rapidly extending losses from the day session, down around 2-3% since the close...

This pushes Nasdaq into a bear market.

VIX futures have spiked above 32...

Bitcoin is getting hammered...

Oil is soaring with WTI above $95...

...and Brent tops $100...

US NatGas is spiking back near $5...

And gold topped $1930...

Wheat futures are up over 5%...

Bonds are also bid with 10Y yields down around 8bps from yesterday's highs now...

Rate-hike odds are falling significantly. The odds of a 50bps hike in March has dropped to 25% (from 40% earlier) and the odds of 7 rate-hikes by Dec 2022 is now down to 20% from 55% earlier...

Ruble forwards are crashing to new record lows against the dollar...

Stagflation here we come!!