What Does This Mean for Markets?

Inflation caused by the Russia slowed down some of the dynamics that were beginning to appear in January. The thing that you're seeing in labor markets, otherwise, was happening anyway. So yes, that accelerated a problem that was big coming into 2021 and then got even bigger with the movement in Russia. And so that accelerated what we think would have happened anyway in terms of a significant inflation and a significant tightening that we expected going into the year.