Morning Note | February 23, 2022

Good Morning!

Markets are rebounding this am after the S&P retested the lows set on Jan 24th. The 10-yr is up 2 bps to 1.97%. This looks like a relief rally with a broader risk-on tone. However, given the VIX remains elevated, this may be short-lived. US and allies sanctions appear to be gradual rather than bringing the most extreme versions first. Biden…