Gold Suffers Worst Week In 43 Years As Crude Crisis & Hawkish Fears Spark Bond Bloodbath; Stocks Sink

Tl;dr: Three weeks into the war, and while today felt a little less chaotic (maybe just wishful thinking), there are little to no signs of an end anytime soon... and the longer the disruptions continue, the harder it is for equity (and bond) narratives to 'look through' short-term oil pain. This week saw oil mixed (WTI flat-ish, Brent and Gulf crude up). Stocks extended post-war losses, but bonds were battered everywhere as rate-cut odds evaporated into rate-hike bets. Bitcoin was down on the week but bullion was a bloodbath with its biggest weekly loss since Oil-producing nations dumped it for cash in 1983.

All with a stagflationary backdrop that worsened this week (inflation 'outperforming', growth 'underperforming')...

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