The Russia-Ukraine crisis is taking place thousands of miles away from the closest major US city. And yet millions of American families would feel the economic consequences of a full-blown conflict
That's because the world economy and financial markets are interconnected. As Covid demonstrated, events on one side of the planet can set off shockwaves on the other side.Exclusive: Russia-Ukraine conflict could cause inflation to hit 10%, new analysis findsIn this case, an invasion of Ukraine by Russia would likely drive up the already-high cost of living in the United States, rattle investment portfolios and perhaps even slow down the economic recovery.
"All of this would occur at a time when commodity supplies are more stressed than they have been in a generation," David Kelly, chief global strategist at JPMorgan Funds, wrote in a report on Monday.Of course, inflationary pressures would likely be even greater for Europeans, given their proximity to the crisis and reliance on Russian energy.Market turbulenceInvestors have been glued to the latest developments on the Russia-Ukraine crisis.
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