A broader Russian invasion of Ukraine has added uncertainty to an already complex investment backdrop of high inflation, hawkish policy and extended valuations. Economic and financial market implications will depend on the severity of the Russia-Ukraine conflict and the response of major economies. Looking ahead, we are mindful of the potential for a moderation in growth due to a fading fiscal impulse, a squeeze on consumer incomes from high inflation and geopolitically-motivated tightening in financial conditions. This month we discuss implications for credit markets and outline where we see relative value opportunities opening up. For macro and monetary policy thoughts, please refer to our Fixed Income Weekly.