The virus has since faded in the US although it still has a very real presence in Asia.

The realization that inflation does not appear to be temporary and may be more persistent than recent past bouts of higher prices has also caused markets to increase expectations for the number of rate hikes that the Fed is likely to initiate in the imminent hiking cycle.

And as we exit February, Goldman's Chris Hussey notes that attention is now divided between what the Fed will say (and do) on March 16th and how the situation between Russia and Ukraine will evolve. Against this backdrop of rising inflation, rates, and geopolitical risk, Energy and Materials outperformed again in February.

Most worryingly, cracks are appearing in the global financial system's plumbing. The cost of dollar liquidity is suddenly rising fast...

Russian default risk has exploded...

The Ruble has imploded...

Can Vlad and his oligarch mates dodge these sanctions bullets?