In this edition of 5 Minutes with Commerce Trust Chief Economist Scott Colbert, Scott reminds us that global markets have over time been confronted with many other geo-political crises similar in magnitude to the current Russian-Ukraine conflict. Indeed, stock markets had until this week relatively discounted the long-term impact of the Russian invasion, but near-term uncertainty prevails as commodity and energy prices have dramatically soared. The Biden administration’s ban on Russian oil imports announced March 8th will complicate the international picture. Yet recent robust job creation in the United States shows the U.S. economy is still poised for growth this year even as the Federal Reserve’s plan to start raising interest rates to rein in surging inflation begins this month.
