In this week's episode, KBRA Chief Strategist Van Hesser discusses:

1. Russia. While Russia and Ukraine represent less than 2% of the global economy, Russia’s invasion will play a key role in an emerging new world order.
2. Normalization and the risks to credit. We’ve written an extensive piece about what that means. We’ll give you the highlights.
3. Falling cyclicals. That doesn’t square up with macro views of economic growth prospects. We’ll explore.