The Street is still getting more hawkish on the Fed, with J.P. Morgan now upping its forecast to 7 rate hikes this year. We’ll talk to their economist about why, and whether a Ukraine crisis would deter the central bank’s plans. Plus, stocks are in the red again after President Biden said the threat of a Russian invasion of Ukraine is “very high.” We’ve got the latest details. And, in today’s Earnings Exchange: we’ll give you the story, the action, and the trade in Roku, Redfin & DraftKings with results on deck.

Kelly explains why the Fed needs a new playbook to fight inflation.