According to Director of Global Macro Research Francis Scotland, it is difficult to imagine the U.S. economy will not experience at least an intense period of softness or weakness, or even a brief recession, over the next several months. As he and Senior Vice President – Investment Specialist Katie Klingensmith discuss in this podcast, the Russia-Ukraine war’s impact on energy prices and growth in Europe, China’s ongoing battle against Covid, and the erosion of real incomes caused by high inflation are conspiring to create a dismal global growth trajectory. Correspondingly, a meaningful swoon in inflation later this year also may be on the table. They discuss how these developments could in turn affect bond investors.