Charles Riley

US stocks have stumbled lower in recent weeks as investors try to assess the threat posed by snarled supply chains, a global energy crisis and rising inflation that could prompt central banks to pull back stimulus.

Inflation is high. It could stay that way.

Unnerved by surging prices, the Bank of England on Thursday became the first major central bank to hike interest rates since the pandemic began. The US Federal Reserve will follow in the coming months, with three rate hikes expected next year.

The outlook for the American economy is suddenly much darker.

UK consumer price inflation has surged to the highest level in three decades, heaping pressure on households already facing a huge increase in energy costs.

UK companies and organizations have been urged to bolster their defenses against potential Russian cyberattacks as Moscow masses military forces on the Ukrainian border.

Stagflation strikes fear into the hearts of economists — and policymakers —the world over. Europe could be headed for something even worse.

Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more.

Russia’s war in Ukraine is reshaping global energy markets. The scale and long-term impact of the changes are still up for debate.

Western sanctions are decimating Russia’s economy and sending shockwaves through global markets. Still, there is more to come from the United States and its allies.