RUSSIA SAYS THEY WILL NOT SEND GAS TO EUROPE LEST IT PAYS IN RUBLES — RUSSIAN CURRENCY SOARS

Our best predictor of recession is on the fucking move today. The spreads between the US 10yr and 2yr has tightened considerably to 12bps. Markets don’t give a shit — because stocks — the NASDAQ is +75 but small caps are still marginally lower for the session. We are seeing a fucking rout in commodities, as if the market was pricing in some demand destruction and already pricing us into a recession and out of one (which makes no sense).

Oil is -7.1%
Gas -1.4%
Palladium -8%
Wheat -4.1%

Over in Stock-land airlines, shippers, and software stocks are higher, while everything in the commodity trade gets up-ended.

What’s the news? Peace in Ukraine? Some major break-through? No, quite the opposite actually.

RUSSIA LAWMKAER ABRAMOV SAYS G7’S REFUSAL TO PAY IN RUSSIAN ROUBLES FOR GAS WILL DEFINITELY LEAD TO A HALT IN SUPPLIES – RIA

RUSSIAN FOREIGN MINISTER LAVROV: RUSSIA’S TIES WITH CHINA ARE AT THE STRONGEST LEVEL EVER

Russia’s foreign minister says meeting between Putin and Zelensky could be counter-productive

PUTIN DOES NOT APPEAR READY TO MAKE COMPROMISES TO END UKRAINE WAR FOR NOW, SENIOR U.S. OFFICIAL SAYS

Most interestingly, the Ruble continues to gain — now up 5% vs the dollar to $91.25.

In summary, markets are sanguine about the idea of Russia threatening to cut off gas supplies to Europe, the yield curve racing towards inversion, and no signs for peace in the future.

And Will Smith smacked Chris Rock at the Oscars yesterday.

Clown-World.