Fallout from the Ukrainian conflict would likely linger, fuelling global inflation. With the global monetary policy outlook unchanged, fixed income markets continued to face difficulties as yields rise and bond prices fall. In the month of March, the Bloomberg Barclays Global Aggregate, US Investment Grades, US High Yields, and Emerging Markets US Dollar Bond Indices were down 3.05%, 2.52%, 1.15%, and 2.34% respectively.