Since I addressed Markets Summit 2022 back on 23 February, arguing "The days of abnormal monetary policy are over", Russia's invasion of Ukraine has triggered a food and energy crisis, further fuelling inflationary pressures in the global economy, at the same time that declining consumer sentiment and Chinese lockdowns are headwinds to growth. The stagflation threat is growing. Such an environment poses significant difficulty for central banks as they try to curb inflation without over-tightening and tipping their economies into recession. If stagflation takes hold, equities are likely to perform poorly but allocations to fixed income and commodities make sense. - Jonathan Pain, The Pain Report on Portfolio Construction Forum.