Fed chair Kevin Warsh said monetary policy can produce spillover effects across our economies.

Russia has begun sea imports of gasoline from India to alleviate fuel shortages caused by Ukrainian strikes on its energy infrastructure, two industry sources said. At least 60,000 tonnes have been shipped, and two tankers carrying about 30,000–40,000 tonnes each have departed, the sources added. Shortages have prompted rationing, long queues at pumps and record gasoline price increases across Russia. The Kremlin said on Tuesday it is in talks with other countries to import fuel at reasonable prices.

Rabobank analyst Jane Foley says market speculation is growing that Japanese authorities may use thin US-holiday liquidity on Friday to intervene in the yen; no action could be the more surprising outcome. She judges further intervention likely, but warns a single round of intervention is unlikely to alter entrenched negative market sentiment toward the yen. Yen weakness is partly dollar-driven, and gains in Japanese equities may prompt foreign investors to increase hedging against yen depreciation.