The war in Ukraine adds to the wall of worry investors are facing.

The wall of worry just gets higher. The attack of Russia into Ukraine adds war to pandemic, inflation and growth uncertainty to factors driving volatility in all financial markets. The war in eastern Europe will disrupt the flow of foreign trade making shortages from supply chain pressures last longer. The sanctions being imposed on Russia will disrupt the flow of capital. Forecasters can only speculate on the timing and magnitude of the impact to economic growth which was just beginning to recover the pandemic. Finally, inflation continues to run well above the target set by the Fed. Now investors are trying to determine what impact all of this will have on the timing of returning monetary policy to a neutral position. Chairman Powell is scheduled to give his required semi-annual report to Congress on the Fed’s plans.