Global Stocks Slip Amidst Surging Oil Prices, Inflation Fears, and Rising Interest Rates

    Photo: Getty Images [via Business Insider]

    The Facts

    • Global stock markets turned negative on Tues. as oil prices surged, exacerbating fears that inflation and interest rates might rise further.

    • News that the EU had moved to ban oil imports from Russia signaled additional constraints on already tightened global energy markets, which could send consumer prices even higher.

    The Spin

    Democratic narrative

    The global economy is facing a great deal of uncertainty, but the worst outcomes can still be easily avoided in the US if consumers keep spending. The return of high levels of income inequality is a troubling sign for average Americans, but as long as wealthy and middle class consumers continue to spend, the US will be fine.

    Republican narrative

    Energy is the heart of the US economy and is the core of a healthy global economy, but Biden has cracked down on energy producers with heavy regulations. If Biden would simply lift his foot off their necks, America would be one step closer to restoring growth and prosperity.

    Nerd narrative

    There is a 77% chance that the US will enter a recession before Jan. 2024, according to the Metaculus prediction community.

    Political split



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