U.S. Stock Futures Are Lower As Wide Swings In Global Equity Markets Are Expected to Continue

U.S. stock futures are lower:  Wide swings in global equity markets are expected to continue as the Russians make incursions into major Ukrainian cities.  Similar themes as yesterday: equity markets down, oil/gold/treasuries higher.  In order to mitigate rising international energy prices, the International Energy Agency is expected to release oil from respective reserves.   10y treasury yields are trading at 1.73% compared to closing level of 1.82% and Germain government bond yields are back into negative territory.  Bloomberg reported that the interest rate futures markets are pricing in a 25-bps point increase as opposed to a 50-bps increase at the middle of February.  Federal Reserve Chair Powell beings his semiannual hearing at the House Committee on Financial Services on Wednesday.  Asian markets closed higher driven by better-than-expected Chinese factory output results.  European markets are trading lower.  In terms of corporate spreads, both high yield & investment grades levels are wider.