March saw the world coming to terms with the atrocity of war in Ukraine but was heartened by the resilience of the people of Ukraine. There was a glimmer of optimism towards the end of the month as Russia seemed to signal that their ‘military operation’ was nearing an end. Actions speak louder than words though and markets remain on edge. This uncertainty continued to push energy prices upwards, extending inflation’s surge globally. The US and UK central banks both raised interest rates in March and markets meaningfully brought forward and increased expectations for further rate rises across the world. Equities tentatively recovered (especially energy-exporting countries) as the month progressed, whilst bond prices continued to fall.

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