Russia’s invasion of Ukraine has also put more pressure on agricultural commodity prices, which were also already getting pushed higher with rising inflation. Wheat and corn prices rose more than 5% per bushel and are already up more than 20% so far this year. Ukraine is a key exporter of both crops.
Investors continued putting money into bonds. The yield on the 10-year Treasury fell sharply, to 1.70% from 1.83% late Monday. It is now back to where it was in January. In February, it had crossed back above 2% for the first time in over two years. The 10-year Treasury yield is used to set interest rates on mortgages and many other kinds of loans.
The conflict in Ukraine has shaken markets globally and added to worries about economic growth in the face of rising inflation and plans from central banks to raise interest rates. The U.S. and its allies have been puttingas that nation continues its push into Ukraine and its key cities. The value of the Russian ruble plunged to a record low Monday after Western countries moved to block some Russian banks from a key global payments system. Also Monday, the U.S. Treasury Department announced more sanctions against Russia’s central bank.Various companies have announced plans to scale back or pull out from ventures in Russia, or to suspend operations in Ukraine due to the conflict. The Russian central bank has also raised its key rate to 20% from 9.
Well of course it did, the summer driving season is coming up. Side note- Maybe there won’t be any unexpected refinery fires in the US this year(another reason they raise prices)
stop sensational journalism. The price went up like 7$