Morning Note | February 15, 2022

Good Morning!

Futures are up strongly as Russia pulls back some troops from the Ukraine border, a sign of de-escalation. The 10-yr is up 4 bps to 2.04%. Oil is down nearly $3 to $92/bl. UK Foreign Secretary cautions that a full-scale withdrawal of troops is necessary to confirm intentions. Following the reports, a risk-on tone is being seen with stock fu…