Fed Vice Chair Lael Brainard said on Tuesday that Russia's invasion of Ukraine skews risks to the upside on inflation and to the downside on economic activity, and that China's "zero Covid' policy has the potential to lengthen out supply chain constraints, reported Reuters. 

Additional Remarks:

• Russia's invasion of Ukraine is an important contributor to inflation pressures. 
• There are likely to be knock-on effects on global supply chains from the war.
• The longer the war persists, the greater the potential risks to the upside on inflation and to the downside on growth. 
• This is just another set of inflationary shocks that are hitting the economy.