The rout in Treasuries is picking up speed as inflationary fears spur forecasts for an abrupt shift towards aggressive interest rate increases. The 10-year yield climbed 9 basis points overnight to 2.1%, touching a level last seen in July 2019. That's ahead of start of the FOMC's March meeting tomorrow, where interest rates are expected to rise by 1/4 point, and Jay Powell will be drilled on the pace of the coming tightening cycle.

Russia is due to make a key interest rate payment on its foreign debt on Wednesday, but with sanctions strangling its economy, Moscow is threatening to repay international bondholders in rubles. The Russian finance minister pointed to measures that have frozen nearly half of Russia's $643B in foreign reserves, as well as the heavy strain on its financial system. Moscow is specifically set to make a combined $117M in interest payments on two dollar-denominated bonds.  Russia last defaulted in 1998.  

Uber is the first to add a "temporary fuel surcharge" to fares across the country, which will be in effect "for the next 60 days." The fees will go directly to drivers and couriers, who are responsible for paying for the gas they use. The new pricing is set to begin Wednesday, though Uber will "continue to monitor gas prices and may make additional changes."