The manager turned first to a review of global financial market developments. Following the Russian invasion of Ukraine and the subsequent imposition of an array of sanctions, the ruble depreciated roughly 40 percent against the dollar. Prices of dollar-denominated Russian bonds plunged 80 to 90 percent, and local trading of Russian equities was suspended after a precipitous decline in Russian stock price indexes. Global financial conditions tightened, reflecting declines in equity prices, increases in sovereign yields and credit spreads, and— for the United States—an appreciation of the dollar. Prices of commodities ... (full story)