Possible scenario
Cross-Border Incident
15% Chance
A Russian missile or drone fragment is confirmed to have crossed into Polish territory, or Polish authorities conclude that air-defense operations were required to protect civilians. This would be a more serious escalation because Poland is a NATO member, though the most likely version still stops short of casualties or direct retaliation.
Initial impacts
- Riskier companies' borrowing costs Up
- Market volatility Up
- 10-year Treasury yield Down
- Oil prices Up
- US dollar Up
Secondary impacts
- Industrials +3.2%
Portfolio impact
S&P 500-1.2%
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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