Nearly two weeks ago, Russia invaded Ukraine. We continue to believe Western governments are unlikely to escalate this war by directly engaging Russian military forces. Instead, their primary tool has been economic sanctions. While there is clear evidence that the sanctions have impacted the Russian economy, they have also exacerbated global economic headwinds. With the U.S. and the United Kingdom just announcing a ban on Russian oil imports, price pressures will continue longer, and overall inflation will become more entrenched in the global economy, potentially slowing overall growth. Though risks are increasing, now is not the time to alter your portfolio risk above or below your long-term investment objective.
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