Table of contents 2022 continued on from where 2021 left off — an increase in market volatility, and persistent concerns about the macro environment dominating headlines. With Russia’s invasion of Ukraine in late-February, volatility spiked further to a 12-month high in March. Energy and commodity prices continue to stay elevated, bringing to the fore greater risk of stagflation. Market risks are particularly heightened as sanctions on Russia have set off a ripple effect on the global economy.  This geopolitical upheaval only adds to ongoing market concerns around the pace of central banks' rate hikes – investors are on alert, watching to see if this high-wire act can be executed without derailing global growth. The US Federal Reserve in March finally approved a 25 basis point rate hike, its first interest rate increase in more than three years. The market rebounded — a clear sign that it had priced in a...