Russia’s invasion of Ukraine will continue to be a major focus, as wary investors watch fresh inflation data and the rising price of oil in the week ahead.Stocks in the past week sold off in volatile trading, as oil rose more than 20% and a whole host of other commodities rose on supply worries. Investors sought safety in bonds, driving prices higher and the 10-year Treasury yield to 1.72% Friday. The dollar rallied, pushing the dollar index up 2% on the week.“We just don’t know what can happen over the weekend. It looks like the Russians are amping themselves up and they’re getting more aggressive,” said Jim Caron, Morgan Stanley Investment Management head of macro strategies for global fixed income.“If nothing happens over the weekend, or if there’s some peace talks coming, then the 10-year note yield could go up 10 to 15 basis points. It could have that swing,” said Caron. Yields move opposite price. (1 basis point equals 0.01%.)The Federal Reserve will also be top of mind, as investors focus on its pending interest rate hike on March 16. But Fed officials will not be making public addresses in the quiet period leading up to their meeting.The economic calendar is relatively light in the coming week, with the exception of Thursday’s report of February’s consumer price index.According to Dow Jones, economists expect headline inflation to rise to 7.8% year-over-year, from 7.5% in January, the highest since 1982. Headline inflation includes food and energy prices.“The risk is to the upside. It will be a shocker if we get an 8% handle,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.Investors will also focus on how the market itself is trading. The S&P 500 fell 1.3% to 4,328 in the past week, while the Nasdaq lost 2.8% to 13,313.“The major averages are all in a downtrend here. They seem to rally and then run out of steam,” said Paul Hickey, co-founder of Bespoke. “Until you get some kind of break of that, you want to be a little cautious. It’s definitely concerning, all this stuff.”Hickey said that the market is behaving similarly as it did in other conflicts.“In the short run, there’s a lot of uncertainty,” said Hickey “I think the playbook is similar. You tend to see a lot of sloshing around - big swings up and down — and then eventually things start to stabilize a few months later...The question is where does this one go?”cnbc.com