, Columnist
The Quantifiable Economic Pain From Ukraine So Far
When it comes to western financial conditions, one job that just got harder is the Federal Reserve’s effort to bring down inflation.
Outside a Moscow exchange bureau Monday. As the Ukraine invasion sinks in, so does the ruble.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
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Following a strange delay after the world assimilated the shock of the Ukraine invasion, it was on Monday that slightly belated international sanctions began to bite. The pain they have inflicted on Russia, its economy and its financial system is immediate. This is what has just happened to the central bank’s main target interest rate: