Fair warning: You might need to grab your friendly neighborhood econ major to translate.

Happening in the World: Late Tuesday evening, Russia cut off its natural gas supplies to Bulgaria and Poland, both of which are members of NATO as well as significantly reliant on Russian energy. Poland gets about 45% of its natural gas from Russia, and Bulgaria 90%. While Poland has been a staunch ally of Ukraine during the ongoing war, Bulgaria’s only overt transgression against the Kremlin has been its endorsement of recent EU sanctions. The move signals a break from Russia’s historical tendency to remain a dependable source of natural gas despite hostile political circumstances. (NYT)

Happening in the US: Deutsche Bank and other major financial institutions are forecasting a moderate to severe recession in the US, citing, among other reasons, the Federal Reserve’s incoming initiatives to combat the high inflation wracking the nation. With consumer prices rising at rates as high as 8.5%, the central bank will likely have to raise interest rates dramatically to bring inflation to heel. While less pessimistic than Deutsche Bank, other notable institutions also acknowledge the likelihood of such a recession, which is most likely to end in mid-2024 if it occurs. (CNN)

Happening in NYC: Mayor Eric Adams presented his executive budget proposal for New York City on Tuesday. It included increased funding for education, social programs, and policing, with a prominent focus on preventing crime and building more shelters for the homeless. The new proposal, which is 228 million dollars more than the previous operating budget, amounts to almost 100 billion dollars. Further deliberations between the Mayor and the City Council will occur in May. (Gothamist)

Happening in our Community: Join artist Mikhail Magaril and rare books expert Michael Weintraub for the closing reception of the Harriman Institute’s exhibit The Untold Stories of Russian History. The exhibit reflects the theme of Magaril’s work: “the traumatic experience of an atmosphere of fear in the Stalinist USSR as seen through the eyes of a child.” The event is in the International Affairs Building from 6 to 8 p.m., and you can reserve your seat here.

Wall Street via Wikimedia Commons