U.S. stock benchmarks fell and Treasury yields jumped to start the week, as investors remained rattled by the Federal Reserve’s resolve to keep fighting inflation even if it causes some economic pain. US indices have retreated quickly to their 50-day moving averages and the VIX is back above 26. Crude prices moved higher, with WTI up some 3%, back above $95. EU natural gas prices saw the first significant selling in some time on reports that Germany has pushed gas storage up to 83%, which in turn has helped propel the Euro back above parity. With no signs of a détente in the Russia-Ukraine war, EU officials remain vociferous they will be able to reach a deal on structural reforms on the power market to offset the energy crisis facing those economies.
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