JRL NEWSWATCH: “Dallas Fed Warns Cutoff of Russian Energy Could Cause Global Recession” – WSJ
“Downturn appears ‘unavoidable’ if bulk of Russian oil and gas products are off the world markets for the rest of the year, according to a report by the regional Fed bank.”
“A sustained halt in Russian energy exports could have a dire effect on the global economy, a report from the Federal Reserve Bank of Dallas said on Tuesday. ‘If the bulk of Russian energy exports is off the market for the remainder of 2022, a global economic downturn seems unavoidable. This slowdown could be more protracted than that in 1991,’ [the report said] …. Even before the Russian attack on Ukraine began nearly a month ago, … economies … were facing surging … inflation, tied to … strong demand and continuing supply-chain difficulties from the coronavirus pandemic. …”