The roils from geopolitical tensions, and their consequent passthrough to commodities prices and global inflation created an early dilemma for monetary authorities at the start of 2022. And even though it was hard to tag it as a surprise, the Russia/Ukraine war sent shockwaves to economies miles away from Eastern Europe. The crisis led to material trade routes disruptions, a surge in commodities prices that worsened the baggage from inflation, and for a while, several permutations on the likelihood of a third world war.