Volatility and profound swings in economic variables have been a common feature amidst the current continuing global geopolitical and macroeconomic uncertainty. The Ukrainian conflict is compounding pre-existing supply chain constraints and driving the short-term rise in inflation. To curb these inflationary risks, markets are already pricing in interest rate hikes. As such, central banks’ official rates for a year from now have been revised upwards by +1.4% in the US, and +0.7% in the eurozone. This is a very different outlook than a month ago. As for ten-year sovereign bonds, their yields have gone up +0.4-0.6% over the previous month in Spain, Germany and the US.