A human tragedy is unfolding at the hands of armed Russian invaders inflicting an unconscionable toll on the Ukrainian people. Global inflationary implications of punitive economic sanctions make solving the complicated inflation puzzle challenging. However, the U.S. consumer strength remains a beacon of light. Central Banks, poised to increase interest rates, face a delicate balancing act. They must factor in economic disruptions from the conflict as they address an already challenging inflationary environment.