As violent tragedy unfolds in Ukraine, what may appear as a relative lack of #market reaction in the U.S. belies the great uncertainty, lack of conviction and anemic #TradingLiquidity across #markets today.
Indeed, only six times in the last 10 years has top-of-book #liquidity on the #SPX been as low as it has been recently. 
Additionally, we have been witnessing remarkable daily ranges in the #SPX, comparable to only a handful of major periods/events over the past dozen years.
At the same time, beyond the massive elevation of #geopolitical risks, recent market #volatility has also likely been impacted by a very sudden contraction in private sector #liquidity, which is set to abate for the time being with the TGA now fully restored.
Still, monetary policy remains historically accommodative, and we’ll be keeping a close eye on indications of how the @federalreserve balances the need to tighten policy to contend with inflation, vs. braking the economy too hard, as it’s already showing signs of organic slowing.
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