The world apparently became a safer place on Tuesday versus where we stood at the start of the week. We of course say this tongue in cheek as, while the situation in the Ukraine has not escalated in violence, there appears to be plenty of moves yet to occur in this chess match. Nevertheless, investors took the slight diffusion of tensions as an all clear to re-engage risk, pushing equity indices back to all-time highs, while treasury yields now stand above where they were before Russia sent troops into the Ukraine. Recent economic data remains mixed in our view, although yields have pushed back into the middle of the range with weather remaining the catch all in explaining any weaker data. In contrast, stronger than expected readings provide affirmation that the global growth story remains intact.