Russia’s invasion has accelerated the schedule of central bank tightening. Markets are now pricing ten 0.25% rate rises by the United States Federal Reserve in 2022.

Large parts of the Chinese economy are in some form of lockdown. China’s central bank is lowering interest rates while the West is raising interest rates. Capital flows out of China are accelerating.

Inflation risks are on the upside, although interest rates are rising, they mightn't rise as high as expected.

Capital allocations to price setting business and real assets are an investor’s best protection from inflation.