Bloomberg - Evening Briefing - Russia dials back the tough talk

Russia, which has invaded Ukraine, annexed its territory and helped foment a war in its eastern region that’s claimed 14,000 lives, has now massed 100,000 troops on its neighbor’s border. In exchange, Kremlin leader Vladimir Putin has been granted talks this week on Eastern European security. Putin has demanded a rollback of NATO’s power to the days when Russia had a firmer grip on its former satellites. He also seeks to bar new NATO members (especially Ukraine). But U.S. officials, while saying they are willing to rejuvenate an earlier missile agreement, warned that a trip down memory lane is not in the offing, least of all at the point of a gun. In Geneva Monday, Russian officials said the first day of talks had been professional while both sides acknowledge they remain far apart. Russia made a point of repeating its pledge that, despite the huge troop buildup, there were no plans to attack. But there’s been another wrinkle, one that might be a sign of modulation in Moscow: Russia’s media organs are dialing down the tough talk. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Indeed, Putin’s Ukraine gambit may backfire. Sweden called Russia’s warning to NATO and its allies “unacceptable.” Comments from Defense Minister Peter Hultqvist highlight a public backlash in Sweden as well as Finland, which are not members of the North Atlantic Treaty Organization. And it may complicate matters for the Kremlin. 

Singapore saw the fewest deaths among those given a Moderna Covid-19 shot, and the most deaths among those who received Sinovac’s vaccine, as the city-state’s highly inoculated population provides a glimpse into how different vaccines are holding up in the real world. High levels of protective immune cells that fight some common colds also made people less likely to contract Covid-19, according to a new study. Pfizer said it’s working on a hybrid vaccine to address the omicron variant while Novavax has shipped the first doses of its Covid-19 shot to Europe, marking the drug company’s entry into a potentially large new market. And Japan is expected to announce an extension to the ban on foreign arrivals this week. Here’s the latest on the pandemic.

Dip buyers rescued the Nasdaq 100 from a fifth straight loss, powering a rebound bigger than any the tech-heavy index had managed since the bottom of the pandemic bear market. Here’s your markets wrap.

Bitcoin dipped below $40,000 for the first time since September, putting it on pace for its worst start to a year since the funny money’s earliest days.

Myanmar’s military junta, which has reportedly presided over the killing of more than 1,300 civilians including young children and aid workers, sentenced former leader Aung San Suu Kyi to another four years in prison. 

Demonstrators lay flags and flowers during a protest outside the United Nations Building in Bangkok on March 4, 2021. The Myanmar military has reportedly killed more than 1,300 civilians, including children. Photographer: Andre Malerba/Bloomberg

More than a dozen top U.S. colleges including Yale, Columbia and MIT were sued for allegedly conspiring to manipulate the admissions system to hold down financial aid for students and benefit wealthy applicants.

There wasn’t a housing bubble in 2008 and there isn’t one now. Ramesh Ponnuru writes in Bloomberg Opinion that some smart economists are challenging the conventional wisdom that the Great Recession was triggered by out-of-control home prices.

• Singapore plans to reopen borders even as omicron spreads.
• New York sees signs it may have reached its omicron peak.
• One coin’s 99% jump shows the true power of crypto’s meme masters.
• Tiger Global lost 7% last year, its first annual drop since 2016.
• Tesla’s most prominent Black executive steps down.
• Rivian’s stock slide deepens as its operating chief departs.
• U.S. tax season opens Jan. 24. Be ready for frustration.

Analysts have revised their 2022 expectations to include the end of large-scale asset purchases, four rate increases and the beginning of balance-sheet contraction. For those American football fans out there, Mohamed A. El-Erian writes in Bloomberg Opinion, this is what’s called a hurry-up offense. And for the Federal Reserve, it’s a pretty risky play.

Jerome Powell, chairman of the U.S. Federal Reserve Photographer: Al Drago/Bloomberg

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