Why the Russian invasion will have huge economic consequences for American families

Russia's invasion of Ukraine is happening thousands of miles away from the closest major US city. And yet millions of American families will feel the economic consequences.

That's because the world economy and financial markets are interconnected. As Covid demonstrated, events on one side of the planet can set off shockwaves on the other side.

In this case, an invasion of Ukraine by Russia will likely drive up the already-high cost of living in the United States, rattle investment portfolios and perhaps even slow down the economic recovery.