Inflation around the world has spiked surely because of two...

Inflation around the world has spiked surely because of two things that were engendered by covid responses:

Central bank and legislative stimulus measures begun in spring 2020 (before the current administration was in place here in the US) by many governments all over the world and supply chain constraints that covid disruptions caused.

How much has been contributed to inflation by each seems to be difficult to discern. The supply chain issues will ease but it will take a while for central banks to unwind and interest rates have to be raised while inflation rages. In the US, the central bank, the Fed, is independent of the rest of the government and the decision to set rates is up to them. Unfortunately they, and other governments, were too late raising rates. It should have been done last fall but they insisted inflation was transitory, which it obviously wasn't. Anyway, the Fed makes their decisions independent of whoever is in power. Presidents do nominate the Fed members and they are confirmed by the Senate but the members don't tend to have the same strong ideological bent as Supreme Court justices do. They are economists and our current Fed chairman is very middle of the road. And government spending is a bipartisan pastime.

Rising rates, which makes borrowing more expensive, and with inflation cutting into profits at the same time, along with the fear of uncertain economic times ahead are what's tanked the market. The only option to bringing down inflation quickly would be to jack interest rates way up quickly, which would very likely cause a recession soon after in countries that do it, and those effects would ripple around the world if it were done by large enough economies.

Hope this post isn't too much of a tangent but the point is that I think stocks are probably in for a rough ride for the foreseeable future unless the measured responses by governments along with the supply chain easing brings inflation down. If not, interest rates will have to be raised more aggressively, which would really exacerbate the chances of a recession.