Ukraine/Russia

Overnight, the S&P 500 sold off, dropping more than 2%, as commodity prices marched higher, and the military conflict continued.

However, at the margin, it is interesting to note the Russian demands to Ukraine and the EU have moderated somewhat.

Here are the demands…

New

Image

…contrasted with the original list.

Original

Gone are the efforts to enforce a change of government, driven by the original Nazi-centric explanation.

We don’t know the first thing about war.

But we do know about negotiation. And that is a stepdown.

It isn’t clear that it aids us further in predicting what could happen. The door to escalation is close to as wide as it has ever been, but the above is worth noting.

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