The market has traded up into month end on month end buying and a sell off in the stock market precipitated by a melange of headlines from Ukraine one of which purports that there are 2000 Russian troops in Crimea. The yield curve flattening continues and 5s 30s is inside of 208 and 10s 30s is 93.1. I just talked with one of my sources who said that month end buying certainly materialized but tight now the geopolitics is driving trading.
I am not sure what the US can do here except act in some symbolic manner. The Ukraine is in Mr Putin’s backyard and it may be unseemly but I do not contemplate that we can do anything meaningful if he has indeed intervened in the Ukraine.