Since our last monthly update, it’s fair to state that the Russia / Ukraine war and resulting energy and commodity price increases have clouded the outlook for US and global economic growth. These increases in prices occur at the same time that inflation has already been running at multi-decade highs, potentially forcing the US Federal Reserve to raise interest rates faster than they might have intended just a few months ago. However, despite all of these reasons for caution, many risk assets recovered during the month, including large US companies as represented by the S&P 500 index which advanced nearly 4% in March.