The presented narrative probably represents little more than...

The presented narrative probably represents little more than half truths. It's about energy supply (Nord Stream 2) and the US using Ukraine as a proxy from what I can tell. Once this (or whatever the truth is) becomes more transparent markets will fully discount it, if they haven't already. I see the market regime being more influenced by what's happening under the hood (rates and fed policy shifting). Fund managers don't watch CNN and make their decisions based on the headlines every night (though they probably leverage retail sentiment as a result).