Image Credit: Daniel Reinhardt/picture alliance via Getty Images 
As Russian President Putin announces a “special military operation” in Ukraine and warns of “consequences” for foreign interference, global markets are turmoiling.
US equity futures are rapidly extending losses from the day session, down around 2-3% since the close…
This pushes Nasdaq into a bear market.
VIX futures have spiked above 32…
Bitcoin is getting hammered…
Oil is soaring with WTI above $95…
…and Brent tops $100…
US NatGas is spiking back near $5…
And gold topped $1930…
Wheat futures are up over 5%…
Bonds are also bid with 10Y yields down around 8bps from yesterday’s highs now…
Rate-hike odds are falling significantly. The odds of a 50bps hike in March has dropped to 25% (from 40% earlier) and the odds of 7 rate-hikes by Dec 2022 is now down to 20% from 55% earlier…
Ruble forwards are crashing to new record lows against the dollar…
Stagflation here we come!!