![Morgan Stanley: One Small Step for Interest Rates, One Giant Leap for Monetary Policy](/sites/default/files/styles/large/public/2022-06/GFI%20One%20small%20step%20for%20interest%20rates%20one%20giant%20leap%20for%20monetary%20policy.jpg?itok=L0hkjZ3G)
March was another brutal month for financial markets, capping one of the worst quarters since the 1980s. Indeed, it did not take long for markets to realize the inflationary/stagflationary implications of the war and resulting sanctions on Russia. The Global Fixed Income team shares its thoughts.