With one eye on Russia and one eye on the Fed, markets began the month by taking risk off the table. However, the Fed only moderately increased rates, the war appeared to be contained, earnings expectations remained healthy, and a rebound ensued. While China’s position on Ukraine is murky, Xi issued key policy statements supporting their markets and a big drawdown was softened. Rising rates, plans for further tightening, and persistent inflation pressured fixed income, while the war supported commodity prices.