Growing tensions between Moscow and the West over Ukraine and speculation over the Fed’s monetary policy look set to keep investors on edge this week, shortened by a holiday. Concerns over rising inflation also remain at the forefront following the release of a key US inflation gauge and a string of earnings reports from major US retailers. Oil prices will remain in focus, while the UK and eurozone will release PMI data that could show the economic impact of easing COVID19 restrictions. Here’s what you need to know at the start of the week.

1. Market turbulence

The U.S. stock market will be closed on Monday due to the President’s Day holiday, but investors are likely to face another turbulent week as concerns over a possible Russian invasion of Ukraine bolster demand for safe haven assets.

Continued uncertainty over the U.S. Federal Reserve’s next move is also likely to continue to weigh on equities.

The Fed signaled it will raise interest rates at its upcoming March meeting to bring down inflation, which has surpassed the central bank’s 2% target and reached its highest level in four decades, but did not indicate how decisively it would act.

St. Louis Fed chief James Bullard called for tough steps to curb inflation, while New York Fed chief John Williams said Friday he saw no need for major moves by the central bank at the start of a rate hike cycle.

“It’s a confused market: it’s confused about Ukraine, confused about how tough the Fed is going to be, and it’s largely ignoring the very strong fourth-quarter corporate earnings reports,” Tim Grieski, a senior portfolio strategist at Ingalls & Snyder in New York, told Reuters.

2- U.S. economic data

Amid speculation over the prospect of a half-percent Fed rate hike in March, investors will keep a close eye on Friday’s personal consumption expenditure index data.

The PCE index, rumored to be the Fed’s favorite gauge of inflation, is forecast to have risen 6% year-on-year in January, while the core index, which excludes food and fuel prices, is expected to rise 5.2%.

The PCE data will be released as part of the personal income and spending report. Other economic data on Friday includes revised consumer sentiment, U.S. home sales information for January and a report on durable goods orders also for January.

Several Fed officials will also speak during the week, including Richmond FRB Governor Tom Barkin, San Francisco FRB Governor Mary Daly, Cleveland FRB Governor Loretta Mester, and Fed Governor Christopher Waller.

3. Retailer Revenues

After a strong rebound in retail sales in January, consumers will again be in the spotlight, and a number of earnings reports from major retailers this week will be analyzed for signs of how rising inflation is affecting spending. Despite a rebound in retail sales, consumer sentiment has fallen to a decade low in recent months, raising fears that the economic recovery may be stalling.

Home Depo, Lowe’s, Macy’s and Foot Locker are among the companies expected to release their fourth-quarter results during this week. Other companies that will report their earnings are Anheuser Busch Inbev , Alibaba, Caesars Entertainment, Krispy Kreme and Beyond Meat.

In addition to the bottom line, investors are interested in how companies are handling the supply chain crisis and companies’ views on inflation.

4. Oil prices

Oil prices may be setting themselves up for another mixed week as energy traders weigh potential oil supply disruptions due to the Russia-Ukraine crisis against the prospect of increased Iranian oil exports.

Concerns over potential supply disruptions due to sanctions on Russia, the biggest exporter, in the event of an attack on Ukraine have supported prices, which have also been helped by a recovery in oil demand after the pandemic.

U.S. oil prices are hovering around $91 a barrel and last week hit their highest level since 2014, while the price of Brent, the global benchmark, is close to a 7-year high.

Rising oil prices are contributing to soaring inflation, adding to fears that the Fed will have to tighten its monetary policy aggressively to curb consumer prices.

Investors will also have a chance to gauge the impact of higher oil prices on energy companies’ earnings this week when Occidental Petroleum, EOG Resources, NRG Energy (NYSE:NRG), Chesapeake Energy and Coterra Energy (NYSE:CTRA) report.

5. PMI data

On Monday, the UK and the eurozone will release PMI data for February, which could show an uptick in economic activity as governments lift additional restrictions imposed during the pandemic era. On Tuesday, everyone will also be keeping a close eye on Germany’s Ifo business climate index.

Positive signs of economic recovery could prompt central banks to quickly wind down stimulus measures in the wake of the pandemic.

The Bank of England is set to raise rates again in March, while European Central Bank officials are still debating whether to raise rates this year to curb inflation.

Bank of England Governor Andrew Bailey, along with several officials, is due to appear before Parliament’s Finance Committee on Wednesday to answer questions about inflation and the economic outlook.

Meanwhile, several ECB officials, including Vice President Luis de Guindos and Executive Board member Isabel Schnabel, will also appear during the week.