March 12 (Saturday)

Latest Morning Briefing Executive Summary: Stagflation, Russian Oil & Gas, And Carbon Credits
Stagflation—higher inflation with slower economic growth—may be upon us, suggests the NFIB’s February survey of small business owners. Most are struggling to fill open positions, which is perpetuating a wage-price spiral. Earlier this week, we raised our inflation outlook and dropped our GDP forecast—resulting in lower expectations for the stock market this year. … And: How will the US and Europe meet their energy needs with less reliance on Russian oil and gas imports? Jackie looks at this question from multiple angles. … Also: How is the EU carbon credit market weathering its first war? Spoiler alert: Not well.
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YRI
Daily Markets Overview
See subscribers’ link below for today’s Morning Briefing.
Replay of Dr. Ed’s webinar on March 7.

Markets
Stocks Turn Lower to Finish the Week | W
Dow falls 200 points, notches its fifth straight week of losses as Russia-Ukraine war drags on | C
Column: Markets wary of ‘butterfly effect’ if Russia defaults | R
Dollar hits five-year high vs yen, euro sags amid Ukraine uncertainty | R
Column: Global diesel shortage raises risk of oil price spike | R

Central banks
Federal Reserve expected to raise interest rates in week ahead | C
Column: Pity poor ECB – bluff, error or remix? | R

Energy
This Isn’t Obama’s Iran Deal. It’s Much, Much Worse. | Tablet Magazine
Yellen says gas tax cut among options to ease higher costs at the pump | R

US
Senate Passes $1.5 Trillion Spending Bill That Includes Aid for Ukraine | W
Congress prevents government shutdown, approves Ukraine aid | C
Biden Administration Pushes for Higher Construction-Worker Pay | W

Ukraine war I
Ukraine’s Zelenskiy defiant as Russian forces, despite setbacks, regroup near Kyiv | R
In the Rubble of Kharkiv, Survivors Make Their Stand: ‘It’s a War, and It’s a Dirty War’ | W

Ukraine war II
U.S. Moves to Deny Russia ‘Most Favored’ Trade Status | W
China Has Tools to Help Russia’s Economy. None Are Big Enough to Save It. | N
Pressure Mounts for Western Companies Leaving Russia | W
Ukraine Invasion Dashes U.S. Banks’ Russia Hopes | W

Beyond markets
India says it accidentally fired missile into Pakistan | R

Virus
China Battles Nationwide Surge in Covid-19 Cases | W
Pfizer planning to submit data on 4th Covid shot soon, while working on vaccine for all variants | C