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The reality and human tragedy of the Russian invasion into Ukraine increased volatility in financial market this week. The onset of the invasion rattled financial markets on Thursday. Global stock markets were soft in the days leading up to the invasion but rallied late Thursday and into Friday as the initial shock receded. The yield on the 10-year US Treasury note fell to 1.84% intra- day on Thursday but was yielding 1.99% this morning , up 0.06% as flight to quality assets faded in financial markets.

U.S. consumer prices climbed more than expected in January as inflation hit highs not seen since 1982. The Consumer Price Index (CPI) was up 7.5% year-over-year in January, versus up a 7.0% year-over-year gain in December. Core CPI (CPI less food and energy) was up 6.0% year-over-year in January, versus up 5.5% in December.