Unprecedented monetary and fiscal support during the COVID-19 pandemic, coupled with supply shocks and pent-up demand, has led to rapid inflation. Just as central banks look to raise interest rates, violent conflict has broken out in Europe on a scale not seen for 80 years. As a result, the price of oil and other commodities has risen sharply and looks to trend this way for some time. What will the next 12 months look like for the global economy, and what should policymakers do in response? What investment opportunities are there in such turbulent and uncertain times?