To say Russia’s invasion of Ukraine has changed the outlook for financial markets is a vast understatement.

We don’t expect the West to impose widespread sanctions in the event Russia invades Ukraine.

Oil prices have rocketed to seven-year highs due to supply disruptions, rising demand, geopolitical tensions between Russia and Ukraine, and the cold snap in the United States.

Companies are buying raw and intermediate goods at a record pace, which we believe will influence economic growth in 2022.