On this week’s BVTV I am joined in the studio by fund manager Dr Wolfgang Bauer and we will be focusing on the recent escalation in geopolitical tensions after the US imposed further tough sanctions against Russia. What does all this mean for bond investors and should we be now thinking about de-risking our portfolios? As ever, the picture is more nuanced than it would first appear. While Russian bonds and the ruble saw an inevitable tumble, credit markets in general have held up remarkably well over the past few days. Broader economic fundamentals also remain encouraging, with latest US inflation figures and Fed minutes suggesting a steadily improving economic backdrop.