US bans Russian oil imports
Amidst waves of sanctions, the US President has issued a new set of sanctions primarily targeted at Russia's oil exports. On the 8th of March, the President banned all imports of Russian oil and gas energy.
This will lower the amount of supply of oil in the US, as the President warns against higher gas prices. This is happening when inflation in the US is at its 40 year high, as investors worry more about what this could mean for the coming months.
ECB shocks the market
The European Central Bank stated that they may end their bond buying programme in the third quarter, if the economic conditions and data allows it.
This is amidst the Russian-Ukraine conflict, as they acknowledge that this will have material impact on economic activity and inflation.
This shocking move by the ECB further spurred fears of stagflation, although the ECB have shown they are willing to be flexible, and be more data-driven, which helped to quell the markets.
President Biden's executive order for bitcoin
President Biden recently signed an executive order, calling on the government to examine the risks and benefits of cryptocurrencies.
This executive order has addressed some regulatory concerns that the crypto industry has, mainly focusing on protecting consumers, illicit activities, financial stability, the competitiveness of the US in crypto, financial inclusion, and responsible innovation.
Bitcoin ran up over 14% on the day the executive order was released, but have given up its gains in the next few trading days.
Amazon 20-1 stock split and share buyback
Amazon recently announced a 20-1 stock split, which will effectively mean that the stock price would be $145.52 per share from 11th March closing price.
They also released a $10 billion buyback plan, which is effectively only 0.6% of the total market capitalization.
This was an unexpected move, as the stock price ran up over 5% on the next trading day.
Headline inflation 7.9%
The CPI rose 7.9% YoY and 0.8% MoM which is a 40 year high of inflation. Energy prices rose 3.5% for February, as the Russia-Ukraine conflict rages on.
However, it is likely that the CPI data has fully considered the effect of the geopolitical conflict, as investors look for the next month's CPI data to get a better gauge of inflation.
Even excluding the volatile food and energy prices, also known as core CPI, rose 6.4% YoY, which is a far cry from the FOMC's target of 2%.
All eyes are on the FOMC's meeting that is coming up on the 16th of March.
Upcoming events
Monday, 14 March
United States - Daylight Saving Time
Tuesday, 15 March
China - Chinese Unemployment Rate
United Kingdom - Unemployment Rate (January)
United States - OPEC Monthly Report
United States - Producer Price Index
Wednesday, 16 March
United States - Retail Sales
United States - Crude Oil Inventories
Thursday, 17 March
United States - FOMC Economic Projections
United States - Fed Interest Rate Decision
United States - FOMC Statement and Press Conference
Singapore - Trade Balance
United Kingdom - Bank of England Interest Rate Decision
Friday, 18 March
Singapore - Unemployment Rate
United States - Existing Home Sales (February)