Stagflation Trades Sweep Markets as Trump Signals Widening War

What just days ago was a tentative wait-and-see trade has flipped into something far more decisive: investors are pricing in a deeper and longer-lasting supply shock — one that could squeeze growth while reigniting inflation. About $6 trillion in global equity market value has been wiped out since the war in Iran began. Bond markets have also been pummeled, as traders rush to recalibrate the outlook for interest rates.