Notes Today: 

• Russian precision-guided missiles are failing up to 60% of the time in Ukraine, three U.S. officials with knowledge of intelligence on the issue told Reuters, a possible explanation for the poor progress of Russia's invasion. 

• In the face of fierce Ukrainian resistance, Russia appeared to scale back its war ambitions, its defense ministry saying that the first stage of its mission had “generally been accomplished”. 

• The International Monetary Fund approved a $45bn debt restructuring program for Argentina after more than a year of negotiations. 

• Ice Shelf About the Size of Los Angeles Collapses in Antarctica

• JohnAuthers: I’ve learned since Feb. 24that I’m not a military expert, a refreshing change after two years of learning how little I knew about epidemiology. Like the pandemic before it, the war in Ukraine is a great reminder to investors and everyone else of the virtues of humility, and recognizing what you don’t know.