Although the Russia-Ukraine war stands to affect the economy and financial markets, the Federal Reserve's potential reaction to the conflict is potentially more concerning, according to Jeremy Siegel, senior investment strategy advisor at WisdomTree and professor of finance at the Wharton School of the University of Pennsylvania.
The war could hit the economy and markets in two big ways, he said Monday afternoon during the webcast "Staying Focused Amid the Ukraine Crisis." One is in the price of oil; the other is in how sanctions on Russia could affect the finance system itself.
Although some people have compared the current U.S. oil situation to what the country experienced in the 1970s, the U.S. is far less reliant now on imported oil, he said. However, an "aggressive" move by President Vladimir Putin, of Russia, against one of the NATO countries would be a potential "black swan" event, he said.
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Jeff Berman
Jeff joined the ThinkAdvisor team as a staff reporter in July 2019. Before joining ThinkAdvisor, he was a freelance reporter for five years, covering mainly technology, business, media and entertainment news for publications including The Miami Herald, Newsday, TheStreet.com, Long Island Press and multiple American City Business Journals websites. He also reported for several consumer electronics publications and was a technology reporter for publications of the Media & Entertainment Services Alliance. Prior to that, he worked as a reporter and editor for Consumer Electronics Daily and other Warren Communications News publications for 15 years. He graduated with an MA in journalism from New York University.
