Financial News and Portfolio Management Discussion through February 12th

U.S. stocks ended the week lower on surging U.S. inflation and intensifying tensions between Russia and Ukraine. The S&P 500 fell 1.8% and the Dow was down 1.0%. Foreign markets fared better with the FTSE All World Ex US up 1.5%. The 10-year Treasury yield rose above 2% for the first time since 2019 ending the week at 1.92%. Oil hit multi year highs as worries over supply disruptions if Russia invades Ukraine pushed oil prices to levels not seen since 2014. WTI ended the week at $93.10 up from $92.31 the week before.

U.S. inflation hit a four-decade high accelerating to 7.5% in January, slightly higher than the 7.2% economists expected.

U.S. inflation surged on supply and demand imbalances. Pandemic-related supply disruptions and strong consumer demand continue to push prices higher.

The House passed legislation to fund the government through mid-March. A temporary fix to provide additional time to reach an agreement on fiscal 2022 spending.

Russia’s large scale military exercises near its western boarders escalates the standoff between Russia and the Western powers.

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