Headlines regarding future Federal Reserve (Fed) policy action and the ensuing path of the pandemic temporarily faded into the background as the escalation of tension in Ukraine quickly stole the world’s attention. Russia’s decision to invade Ukraine is heartbreaking and represented a dramatic departure from how many experts expected the situation to evolve. Russia’s actions and Putin’s unpredictability will have long-lasting implications on the balance of power in Europe and the world. Additionally, recent events paired with the implications of the pandemic could further shift the world towards fragmentation, interrupting a multi-decade trend of globalization.
