The energy war between Russia and the West is heating up after President Vladimir Putin demanded that natural gas sold to "unfriendly" countries be paid for in rubles. The Russian currency gained 7% against the dollar immediately after the announcement, paring its year-to-date loss to gas futures, while European gas futures are in the midst of reigniting a wild rally. "Unfriendly" nations accounted for 70%, or around $69B, of Gazprom's export revenue in 2021.

Applications for U.S. state unemployment insurance fell last week to the lowest since 1969 as employers desperately try to hang onto workers amid near-record job openings and depressed labor-force participation.  Initial unemployment claims decreased by 28,000 to 187,000 in the week ended March 19, Labor Department data showed this morning.  The level of claims is the lowest of the pandemic period, reflecting a jobs market that Federal Reserve Chair Jerome Powell described as being at a “tight to an unhealthy level” last week.

Orders at U.S. factories for long-lasting goods fell more than expected in February, snapping a months-long streak of increases and business investment as manufacturers confronted a worsening supply-chain crisis.  Bookings for all durable goods – products that are intended to last at least three years – fell 2.2%, the first decline in five months, the government reported.