Possible scenario
Wider Russian Retaliation
20% Chance
Russia responds to battlefield setbacks by expanding missile, drone, and information operations rather than accepting further erosion around Lyman. This is the main tail-risk path because it could widen the perceived costs of the offensive beyond the immediate front.
Initial impacts
- Market volatility Up
- Riskier companies' borrowing costs Up
- 10-year Treasury yield Down
- Oil prices Up
- US dollar Up
Secondary impacts
- Industrials +1.4%
Portfolio impact
S&P 500-0.7%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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