Russia is gaining leverage in the war and dragging out peace talks, while a rough mix of inflation, politics, and data-center jitters just erased trillions from US stocks.

• Russia is settling trade in rubles instead of dollars, and with over 90% of its trade now outside Western currencies, sanctions barely sting anymore.
• Oil money from the Iran conflict and a fast-growing trade partnership with China are funding Putin's war chest, giving Russia room to keep fighting and demand tough terms: no NATO expansion, a rollback of Western forces in Eastern Europe, and control of resource-rich Ukrainian territory.
• Treasury Secretary Bessent claims China, Europe, and the rest of the world are collapsing while the US thrives, but China actually borrows money three times cheaper than the US, and the US budget deficit and interest payments are ballooning fast.
• US stocks lost about $3 trillion in value, and Trump blamed Democrats and the election, but rising rates, a Jensen Huang/Nvidia spy scandal, and renewed Iran tensions all hit markets at the same time.
• Wholesale prices are climbing at a yearly pace of 6.5%, a warning sign that consumer prices could rise further soon.

Outlook: Expect Russia to keep pressing its demands from a position of strength, while US markets stay shaky until there's more clarity on the Fed, data-center debt, and the Iran standoff.