Investors fear a wider war as one of the deepest crises in post-Cold War relations plays out, with Russia wanting security guarantees, including Ukraine's never joining NATO.
Overnight, safe-haven currencies such as the Japanese yen and Swiss franc climbed to two-week highs on the dollar and they retreated a little bit in Asia trade. Treasuries likewise gave back some overnight gains, with the benchmark 10-year yield last up two basis points to 1.9876%. Two-year yields also rose two bps to 1.4909%.
Oil dipped and Brent crude futures were last down 0.5% on Friday at $92.47 a barrel, more than 4% below Monday's peak, and U.S. crude fell 0.5% to $91.26 a barrel. Gold dipped about 0.4% from its high to $1,889 an ounce.Concern about conflict in Ukraine comes with markets already rattled by a rates outlook that could hold as many as seven Federal Reserve increases in the year ahead.
St. Louis Fed president James Bullard on Thursday reiterated his call for the Fed funds rate to be raised to 1% by July to combat stubbornly high inflation and Fed funds futures price about a 1/3 chance of a 50 bps hike next month to begin.
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