On The Call @ Hedgeye this morning, Macro Policy analyst JT Taylor and Col. Jeffrey McCausland discuss Vladimir Putin’s recent annexation of selected parts of Ukraine and how he may adjust his wartime strategies.

"In a very strange way after seven months, the Russians will be claiming soon that they are being invaded as Ukrainian forces still make progress in these particular areas," Col. McCausland explains.

“Putin thinks that his ally is winter. [He thinks] if he can get this war to winter, he can put more pressure on the energy sector across Europe that’ll result in social unrest.”

McCausland: Putin Wants His Winter War - Macro Pro Banner