February 2022 Commentary: Russia Invades Ukraine

Summary

• Geopolitics took center stage in February after Russia invaded Ukraine.
• Following weeks of declines, global stocks staged an impressive, multi-day rally that
  started on the day of the invasion, limiting losses for the month.
• Commodity prices surged due to added pressure on the already strained global supply
  chains, as well as Russia and Ukraine’s crucial role in global commodity markets.
• Over the coming months, markets will grapple with an unusually wide range of outcomes,
  including the conflict in Ukraine, surging commodity prices and inflation, and the
  approaching U.S. midterm elections.

Read and download the commentary here.