Before the sharp escalation of geopolitical tensions ushered in a new wave of uncertainty, financial markets had been jolted by signals of a global shift towards a quicker pace of monetary policy tightening. During the period under review,1 government bond yields increased significantly. Stock markets fell amid an investor rotation away from technology and other growth stocks and into value stocks. Corporate credit spreads were little affected, by comparison. Financial conditions tightened moderately in non-Asian emerging market economies (EMEs).[…]