Tuesday 22nd February 2022Will Putin’s declared support for separatists in the Donbass region be the false flag event the West has been concerned about? Does that mean an invasion is imminent? Market reaction hasn’t been strong so far, except for a rise in oil prices, but maybe that’ll change as the US returns from the President’s Day holiday. NAB’s Tapas Strickland says the actions overnight has certainly reversed the optimism yesterday, when a diplomatic solution looked more hopeful. Meanwhile, PMIs in Europe were really strong, which will add to the inflation pressures and could lead to a more hawkish ECB. US PMIs are out later on, and we’ll Christopher Kent from the RBA later today. What’s he going to say about QE and interest rates?

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