US-RUSSIA: Trump Says Discussions With Putin Yesterday Were "Productive"

Mar-14 13:44

US President Donald Trump has issued a statement on Truth Social noting that discussions with Russian President Vladimir Putin yesterday were "productive". His statement, which doesn't reveal if he had direct contact with Putin, likely refers to the meeting between Putin and Trump envoy Steve Witkoff in Moscow.

  • Trump: "We had very good and productive discussions with President Vladimir Putin of Russia yesterday, and there is a very good chance that this horrible, bloody war can finally come to an end — BUT, AT THIS VERY MOMENT, THOUSANDS OF UKRAINIAN TROOPS ARE COMPLETELY SURROUNDED BY THE RUSSIAN MILITARY, AND IN A VERY BAD AND VULNERABLE POSITION. I have strongly requested to President Putin that their lives be spared. This would be a horrible massacre, one not seen since World War II. God bless them all!!!"
  • Trump's statement comes after Putin did not rule out supporting a US-brokered ceasefire for the Ukraine war, but added a list of conditions that Kyiv may find impossible to accept. 
  • According to Sky News, Putin’s list of demands include: “No NATO membership for Kyiv; An agreement not to deploy foreign troops in Ukraine; And international recognition of Vladimir Putin's claim to Crimea and four Ukrainian provinces.”
  • Ukrainian President Volodymyr Zelenskyy, who described Putin’s statement yesterday as “very manipulative,” is unlikely to be encouraged by Trump's message which again stresses Ukraine's battlefield weakness and fails to include any potential sanctions Washington could impose if Putin rejects the ceasefire framework.   

Historical bullets

BUNDS: Falls 41 ticks post US CPI

Feb-12 13:42
  • Bund has fully closed the gap down to 132.34, and extended as low as 132.19 following the beat in the US CPI, it fell a total of 41 ticks post Data.
  • Looking at Technical, focus will be on the Yield and the 2.50%.
  • Today, reference 132.26, this level equates to 131.99.

US TSY FUTURES: BLOCK: March'25 2Y Post-Data Buy

Feb-12 13:41
  • +10,000 TUH5 102-18, buy through 102-17.62 post time offer at 0834:05, DV01 $370,000. The 2Y contract has since traded down to 102-16.75 last (-5.62).

US TSY OPTIONS: Large March'25 10Y Put Sale - Unwind

Feb-12 13:39
  • -30,000 TYH5 109 puts from 43 to 45 post data, continued unwind of over 100k bought last couple weeks from 18-22. March options expire Feb 21.

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