Scoreboard: Russian reprieve

Restrained sanctions on Russia consoled global stocks, while US industrial production surged.

The US and Europe placed sanctions on Russia as promised, but the targeted nature of those sanctions (confined to 11-13 people) was a clear relief to markets. Equities were bid and bonds sold off. The US and Europe did state however, that sanctions could intensify if Russia didn’t change course, although most European nations appear reluctant to pursue sanctions aggressively and so escalate the crisis. That’s understandable, given a clear majority of Crimeans actually want to re-join Russia. Not to mention the difficulty Western governments have trying to explain to the people who vote for them, why they should undermine that. Weapons of mass destruction perhaps.

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