Tuesday 25th January 2022Markets have been gearing up for the FOMC meeting this week, but for a while at least tensions over Ukraine seem to have driven a strong risk-off push, with significant falls in share prices, a fall in bond yields and, to an extent, the US dollar seen as a safe-haven. But as the session progressed there was some re-evaluation of the risk, with shares and bond yields regaining some of the lost ground. As to the Fed, NAB’s Ray Attrill says the rising inflation is a major political headache for the Biden administration, so he’ll be eager to see the FDOMC do what it has to do to keep price sunder control. The question is, what will it do to the growth of the economy in the process?

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