The ground war between Russia and Ukraine remains locked in stalemate, but a deadlier conflict is unfolding in the skies. Both nations are escalating long-range drone and missile strikes. Moscow is betting it can crush the will of Ukraine's civilian population, while Kyiv aims to cripple the industries underpinning Russia's economy.

Despite rising civilian tolls and widening destruction, neither side is close to breaking. New reporting details CIA director William Burns's surprise visit to Moscow this week, where he delivered a warning to Russia. Meanwhile, bond markets overseas are taking an even bigger beating than U.S. Treasurys, reflecting global economic strain from the prolonged conflict.