The Conference Board forecasts that the US economy will grow by just 1.5 percent (annual rate) in Q1 2022, and 3.0 percent for the full year. Economic growth continues, but the pace has slowed in recent months. The Omicron shock has been replaced by a Ukraine shock. The war in Eastern Europe is impacting global energy and food prices. This is resulting in high inflation rates despite progress on the pandemic. As labor markets remain tight, the Federal Reserve has become more hawkish and interest rates are on the rise.