Is it time to assess the long-term impact of the Ukraine War on the global economyAs inflation influences become more entrenched how will politicians react? Does it matter?Is the odd shape of the bond yield curve telling us something or is ist just noise? Liquidity has surprised on the upside. How long can that last?Are we already entering a recession?What does all that mean for equity valuations?

Who are the generators of inflation and who will be the ungrateful recipientsAre we about to see the start of another credit cycle?Does the Fed have a blind spot?The unseen tighteningHas the markets’ teflon coating worn off?Are we heading for the recession we have to have?