Equities are at it again, selling off sharply in the early going along with Treasuries.

Gold and silver are slightly lower, while oil is slightly higher along with the dollar.

On the news front, today is the one-year anniversary of Russia’s invasion of Ukraine. Unfortunately, there appears to be no end in sight. China put forward a cease-fire proposal, but it’s going nowhere fast.

Meanwhile, in a day full of Federal Reserve speeches and economic data, the first round went...not well. Personal income rose less than expected, spending rose more than expected, and inflation increased at a faster-than-expected pace (+0.6% for the core PCE index in January vs. a 0.4% estimate).

Consumer sentiment and new home sales will be released a bit later this morning. But suffice it to say, this is another batch of “More Fed” data. The kind of data Wall Street hates. Hence, the lousy early market action.

Speaking of market action, it’s prompting money to flow OUT of stocks and OUT of cash in favor of...BONDS. Or at least that’s what Bank of America says. Stock funds lost $7 billion in the week ended Feb. 22, while cash funds bled $3.8 billion. Bonds took in $4.9 billion – the eighth week in a row of inflows.

Finally, it’s snowing in...Los Angeles?? Yep. Well, technically in the mountains around the city. Up to seven FEET of snow could fall at higher elevations thanks to a severe storm.