Overall Market Backdrop, February
- On 24th February 2022, Russian forces rolled into Ukraine, hoping to take over the country in a matter of days. One year later, the ongoing conflict remains a key risk both economically and geopolitically.
- At its meeting on 1st February 2023, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority 7-2 to increase the bank rate by a further 0.5 percentage points, to 4%, their highest level in over 14 years.
- After remaining relatively low for months, the VIX index, also known as Wall Street’s fear gauge, rose above 23 towards the end of February, its highest level since the first trading day of the year.