Macro Briefing: 18 February 2022

* Wide-scale Russian military activity persists near Ukraine’s borders
* Pro-Russia rebels accuse Ukraine of new attacks
* Senate passed spending bill to avoid a government shutdown
* Will BA.2 subvariant of Omicron bring the next wave of trouble?
* Wal-Mart reports strong Q4 results despite multiple challenges
* Average US 30-year mortgage rate rises to nearly 4%–highest since 2019
* China’s offshore yuan trades at strongest level in four years
* US jobless claims rose last week, surprising forecasters
* Philly Fed Mfg Index continues to reflect slowing growth through February
* US housing starts fell in January–first decline in four months: