Macro Briefing: 23 March 2022

* US and allies to unveil new Russia sanctions as Biden visits Europe this week
* Is it time for NATO to take a more direct response to Russia’s war on Ukraine?
* Will the war in Ukraine disrupt Europe’s shift to clean energy?
* Global bond market posts biggest drawdown on record (since 1990)
* US gasoline prices rise at fastest pace on record
* UK inflation reaches new multi-decade high, driven by energy prices
* Fed funds futures predicts 60%-plus probability of 1/2 point rate hike in May
* US 10yr Treasury yield continues rising, reaching highest since May 2019:

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