SQUAWK BOX, WEDNESDAY 23RD MARCH, 2022

The U.S. 10-year Treasury yield spikes to its highest level since 2019 on Fed Chairman Jerome Powell’s recent hawkish comments. Asian equities, however, enjoy a three-week high with the Nikkei leading gains for the session. Billionaire investor Carl Icahn warns CNBC of a coming recession “or worse” as runaway U.S. inflation is compounded by the Ukraine invasion. CNBC learns that the EU is now unlikely to achieve unanimity on a Russian oil embargo with only a minority of member states supporting the move. The bloc will look for alternative methods to increase sanctions on Moscow. U.S. President Joe Biden heads to Brussels promising to target members of the Russian Duma with further restrictions and to offer refuge to fleeing Ukrainians. And in tech news, Elon Musk opens Tesla’s first European gigafactory near Berlin.