March is upon us in a very different way this year with the Russian invasion of Ukraine. Markets are already correcting for massive government spending, restrictions on U.S. energy supplies, and inflation of 7.5 percent. Ukrainian citizens are caught in the cross hairs as Europe sends defensive weapons to Ukraine to defend themselves from an invasion already begun, votes to allow Ukraine to join the European union, and Russian assets are disrupted around the globe. The U.S. markets are likely to rebuff this latest onslaught of uncertainty and continue to adjust to rising interest rates and a smaller Federal Reserve balance sheet, but we are reminded that U.S. actions and inactions matter abroad. And that international actions and inactions matter at home.
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