Macro Briefing: 30 March 2022

* Russia will “drastically reduce” combat operations in two key areas of Ukraine
* Russia’s pledge to reduce military operations in Ukraine elicits skepticism
* Is it premature to conclude that Putin’s miscalculated?
* Germany takes a step toward rationing gas amid payment stand-off with Russia
* Russia’s loss is Canada’s gain for commodities exports
* Highly contagious BA.2 subvariant of Covid-19 is now dominant strain in US
* Rising number of Americans worry about inflation, according to new survey
* 2yr/10yr Treasury yield curve inverted on Tuesday, signaling recession risk
* Pimco says yield-curve inversion may not be reliable recession indicator this time
* US home prices reacceleated in January, up 19.2% from year-ago level
* Job openings in US remain near record high in February
* US Consumer Confidence Index rose slightly in March:

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