NEW YORK, March 4 ― Oil prices initially soared yesterday as the Ukraine war sparked a run on commodities that raised fears of “stagflation,” while equity markets fell as investors gauge the impact of the Federal Reserve's plans to tighten monetary policy.
The jump in commodity prices has raised concerns about the potential for stagflation ― when rising inflation and stagnate output roils the economy and crimps employment. “Markets are trying to recalibrate what the Fed will do and its views on inflation,” he said. “To us it's how to get a handle on what's inflation going to be six, nine, 12, 15 and 18 months from now. That is really the critical question.”
In Europe, the pan-regional STOXX 600 index slid 2.01 per cent, while MSCI's gauge of stocks across the globe closed down 0.61 per cent. Everything from coal to natural gas and aluminium are surging as Western nations tighten sanctions on Russia following its invasion of Ukraine.
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