A global stagflationary recession is now highly likely

The short-term financial market impact of the war is already clear. In the face of a massive risk-off stagflationary shock, global equities will likely move from the current correction range (-10%) into bear market territory (-20% or more). 

Safe government bond yields will fall for a while and then rise after inflation becomes unmoored. 

Oil and natural gas prices will spike further – to well above $100 per barrel – as will many other commodity prices as both Russia and Ukraine are major exporters of raw materials and food. 

Nouriel Roubini Project Syndicate 25 February 2022

https://www.project-syndicate.org/onpoint/russias-war-and-the-global-economy-by-nouriel-roubini-2022-02
 

The Stagflation Threat Is Real 

Nouriel Roubini Project Syndicate Aug 30, 2021

https://englundmacro.blogspot.com/2021/09/the-stagflation-threat-is-real-roubini.html