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Economic Update    The Russian invasion into Ukraine and resulting Western sanctions on Russia have fueled volatility in financial markets.The latest escalation has exacerbated inflationary pressures,particularly in energy and commodities,and has caused tightening conditions in financial markets.While consumer spending and economic growth remain strong,we believe an extended conflict in Eastern Europe along with elevated energy prices increases the risk of an economic slowdown later this year. While we expect the Fed to tighten monetary policy,the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, we expect financial market volatility to remain elevated and conditions to remain tighter with heightened geopolitical risk,supply chain bottlenecks and persistent inflation, and the Fed's pivot to less accommodative monetary policy. The Federal Open Market Committee (FOMC)raised the federal funds rate by 0.25%at their March 16th meeting to a target range of 0.25%to 0.50%.The Federal Reserve also ended their bond-buying program as expected in March,which included the purchase of treasury and agency mortgage-backed securities.Fed Chair Powell suggested that balance sheet runoff could begin as early as their next meeting in May,sooner than previously anticipated,and that the pace of the unwind will likely be fasterthan in the previous quantitative tightening cycle.The dotplot favors six additional rate hikes in 2022,which implies a 25 basis point rate hike at each remaining meeting this year,but the Fed hasn’t ruled out incorporating one or more 50 basis point hikes to address inflation.The FOMC’s Summary of Economic Projections forecasts higher Personal Consumption Expenditure (PCE)inflation this year at 4.3%and a lower growth rate of 2.8%real GDP.We are anticipating additional rates hikes by the Fed this year,but we do not believe that monetary policyis on a pre-set course and expect the Fed's policy adjustments will depend on developments in the economy. In March,yields increased dramatically and the curve continued to flatten.The 2-year Treasury yield increased 90 basis points to 2.34%,the 5-year Treasury yield increased 74 basis points to 2.46%,and the 10-year Treasury yield increased 51 basis points to 2.34%.The spread between the 2-year and 10-year Treasury yield declined to zero at March month-end versus 40 basis points at February month-end and 158 basis points one year ago.While the flat yield curve bears watching over the longer run,the spread between 3-month and 10-year treasuries is still steep at about 185 basis points,which indicates likely economic growth in the coming year. 3