Following weeks of speculation, Russian President Vladimir Putin this week announced a “special military operation” in Ukraine, truly shocking news no matter where you are on Earth.

Just two days before this announcement, Patrick Poke from Livewire Markets caught up with Tim Toohey, Head of Macro and Strategy, for an in-depth discussion about what were then just ‘tensions’ in Ukraine. They discussed the likely effects on different parts of the market, as well as the best way to hedge portfolio risk.

In this episode of Livewire’s ‘The Rules of Investing‘ podcast, Tim details why markets may be underestimating the rate rises set to come from the US Federal Reserve, and explains a critical piece of data out of China that could have global ramifications.