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Supply chains that have been a source of stress for the global economy through the pandemic are unleashing another shock as efforts to choke off trade with Russia strain resources ranging from fertilizer needed for crops to palladium used for car-making and oil that’s used to produce almost everything.

The upshot: a world economy that again faces the prospect of stagflationary forces as inflation quickens and growth fades, compelling central banks to choose which to tackle while fearing the challenge they don’t take on then gets out of hand.

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