While February began with eyes on Fed Chairman Powell’s hawkish stance, inflation and a focus on the job market, the resounding theme was Russia’s invasion of Ukraine during the last week of the month. As this evolved from a low likelihood event to a distressing reality, markets adopted a risk-off stance. As we outlined in our 2022 Outlook – Navigating Moderation, volatility would be the recurring theme for the year. That said, we certainly did not foresee armed conflict as a driving factor.