SINGAPORE - Interest rate hikes by the United States, in addition to the uncertainty introduced by Russia's invasion of Ukraine, are stoking fears that economic growth may suffer while inflation may continue to rise.

While the price shock from the war in Europe and sanctions against Russia are still working through the global markets - boosting volatility across stocks, bonds and commodities markets - the possibility of a policy error by the world's most influential central bank may prompt investors and businesses to put their investment plans on hold.