Richmond Fed President and FOMC member Thomas Barkin said on Thursday that we will have to see if the Russian invasion of Ukraine changes the argument for policy normalisation. The US is not that exposed to the Russian economy, he said, stating that the Fed will need to watch how this effects energy markets and if the conflict expands.  

Market Reaction

The dollar has not been impacted and continues to derive support as a result of safe-haven demand. The DXY recently climbed to fresh year-to-date highs and is near 97.50.