I don't see complacency. I think there's a lot of uncertainty around the direction of the conflict, how it will be resolved, what the off-ramps are. Market reactions have been relatively benign.

At the moment, what market participants are really looking at is, is this going to translate through to things that affect economic growth and activity, particularly energy supply chains?

For portfolio allocation, there's nobody that's saying you should change your fundamental portfolio allocation because of what's going on. But for traders and day-to-day market participants, they think about risk premium every single day, obviously they're watching very closely.