During war times where GDP is expected to plunge 1%, you can expect bond yields to fall. As supply chains get disrupted, bank transfers get cut off from SWIFT, inefficiency will increase. Inefficient markets typically lead to inflation.
In conclusion, we will get high inflation and low growth. Also known as stagflation. Real yields will be negative. This is a perfect environment for gold and Russia is already resuming gold purchases. I suggest you do the same before it's too late.
On the other end we have the worst performers: banks. They get a double whammy due to SWIFT (no more fees for transfers) and stagflation will hit their growth and yields.
