Today’s post is going to be a short one because there is simply too much uncertainty right now to make a principled argument about pretty much anything. Interest rates have bounced back up to levels above 2 percent. Will they stay there? Depends on what happens in Ukraine. Stocks are staying somewhat below, but not far below, where they were when the invasion started. Will they go up or down? Pretty much depends on what happens in Ukraine. Oil prices, consumer confidence, inflation, and so forth are all pretty much the same story. We are all waiting on events.