Comments by President Trump that he would tighten US trade and sanctions policy against Russia if Putin does not agree to negotiate an end to the war in Ukraine are likely to have been received with anger in Moscow. The idea that there is going to be an early end to the war is looking increasingly remote. Meanwhile, Turkey's central bank delivered another 250bp interest rate cut this week and while there are reasons for a pause at the March meeting, we think the easing cycle and bond market rally will continue.
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