by Calculated Risk on 12/15/2014 08:32:00 PM

Two related articles ...

From the NY Times: Russia’s Central Bank Abruptly Raises Key Rate to 17%

With Russia scrambling to contain a currency crisis, the country’s central bank, in a surprise middle-of-the-night move, increased its key interest rate to 17 percent, from 10.5 percent.
...
The rate increase came after the ruble plummeted yet again on Monday, by more than 10 percent, to around 64 per dollar. The ruble has lost nearly half its value this year.

From the WSJ: Oil Prices Fall to Fresh Lows

Oil for January delivery fell $1.90, or 3.3%, to close at $55.91 a barrel, the lowest level since May 2009 on the New York Mercantile Exchange.

Brent crude, the global benchmark, slid 1.3% to $61.06 a barrel, the lowest level since July 2009, on ICE Futures Europe.

There is more to the ruble collapse than declining oil prices, but it is a huge factor.

Tuesday:
• At 8:30 AM ET, Housing Starts for November. Total housing starts were at 1.009 million (SAAR) in October. Single family starts were at 696 thousand SAAR in October. The consensus is for total housing starts to increase to 1.038 million (SAAR) in November.