• European Central Bank (ECB) announced the end of asset purchases
  
• Prices of energy and non-energy commodities continued to rise in March
  
• Inflation in Japan remains below the central bank's 2% target
  

As the Russia-Ukraine conflict drags on into its second month, the focus is slowly shifting to the consequence of commodity prices remaining elevated for longer, accelerated rate hike cycle of the United States (US) Federal Reserve (arguably the most important central bank systemically) and measures undertaken by China as part of its zero-Covid policy.

In this month's section, we focus broadly on the global macro developments in March, in terms of inflation, central bank actions and gross domestic product (GDP) or GDP growth print for the first quarter of 2022, and the growth outlook for major economies.