Putin’s Invasion Stalls

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In-Brief

• Russia’s invasion of the Ukraine has stalled because of the bravery and skills of the Ukrainian military, leaders, and people. They are magnificent.
• The US and Europe have responded very strongly. The West’s reactions have been and will be political, financial, and economic, and are devastating for Russia and its oligarchs. In the end Putin will lose very badly.
• The US economy continues to be strong, as is its job market.
• World inflation will get materially worse because of the war.
• High inflation is still badly hurting tens of millions of American families.
• President Biden’s State of the Union was a boring dud except for the opening minutes which included high praise for Ukraine’s people and leaders.