After many months of waiting, I believe markets finally heard what they were looking for from the President today. Biden's speech made it very clear that the West will not impose sanctions that will hurt their own economy.
So no ban on gas imports. No banning Russia from SWIFT.
That's it! That's all markets cared! For all we know Russia may level the whole country and it wouldn't have an effect on the markets anymore.
Also on the contrary, the situation pushed the Biden administration to use more oil reserves to balance the price. USOIL price saw a sharp decline after the news. So the industrials will not face the extra costs feared, and inflation may see a slower increase since oil prices will be under control. Also as a bonus, FED might even risk more inflation because of the situation and rate increases might come at a slower pace.
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