NATO may be growing

Ukrainian officials contend at least 20,000 people have been killed in the destroyed port city of Mariupol after seven weeks of war. The city is a key target as Russia prepares for a widely anticipated offensive in Ukraine’s east. Vladimir Putin’s broader desire to splinter or roll back NATO however continues to boomerang—this time from the north. Finland started a process that’s expected to lead it into NATO as a direct response to the Kremlin’s war, while Sweden’s ruling party is reportedly planning to follow suit. But in France, far-right presidential candidate Marine Le Pen said she wants NATO to enter an alliance with Russia once the war ends.

U.S. President Joe Biden announced $800 million in additional military aid for Ukraine, including heavy weapons, a day after accusing Putin’s forces of committing genocide in Ukraine. On the financial front, the Justice Department task force scrutinizing Russian oligarchs is targeting the personal wealth of Putin and his family. And German authorities impounded Russian billionaire Alisher Usmanov’s superyacht after determining it was legally owned by his sister, who is also subject to western sanctions over the war. —David E. Rovella

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

U.S. Federal Reserve Governor Christopher Waller said the U.S. economy could handle aggressive policy tightening as he reiterated support for raising interest rates by a half point next month. Stock traders are facing the market-roiling potential of a monthly options expiration Thursday—one estimated at more than $2 trillion. Here’s your markets wrap.

With taxes due in the U.S. next week, two congressional Democrats are pressing the Internal Revenue Service for more details about why the audit rate for the lowest-earning households has nearly doubled in the past year.

The U.S. will extend its formal Covid-19 public health emergency by another 90 days, preserving special measures as the country grapples with rising cases, at least 30,000 each day, driven by an omicron subvariant. But in the U.K., Boris Johnson (facing renewed calls to resign as he faces a fine for flouting Covid rules) rejected calls from the National Health Service officials for new measures to curb the latest wave, instead preferring a plan for “living with Covid.” And as China continues to suffer from a crushing outbreak, its imports fell and export growth slowed, with lockdowns disrupting port operations and curbing business activity and spending.

Over the past few years, the U.S. has accused China of using “debt diplomacy” to make developing nations across the world more dependent on Beijing. Yet in the cases of Sri Lanka and Pakistan—both friends of China facing dire financial situations—President Xi Jinping is hesitating to come to the rescue.

Since he was stripped of his office by Pakistan’s parliament, former Prime Minister Imran Khan has drawn crowds of supporters to protest what he claims is “foreign regime change.” But it seems that a majority of Pakistanis are happy he’s gone.

Many of the forces keeping prices in check have started to reverse, Alison Schrager writes in Bloomberg Opinion. But bigger gains in consumer prices won’t be bad for the U.S. economy as long as they’re predictable. Inflation’s new normal may be 4%.

A top lawyer for the state of California has resigned, accusing the governor’s office of interfering with a discrimination lawsuit against Activision Blizzard.

The Twitter founder, Block CEO, and Elon Musk buddy is gazing into the future with laser eyes. Over the past two years, he has fashioned himself as Bitcoin’s unofficial spiritual leader and public defender, promoting it constantly from his Twitter feed and taking swipes at tech’s venture capitalists who are funding rival crypto projects. Last year, at a crypto event alongside the Tesla CEO, Dorsey said Bitcoin could bring about “world peace.”

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