In a rare "2022 scenario" where a contraction is accompanied by very high inflation, how does the expected relationship between stocks and bonds change?

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While bonds typically protect portfolios during a contraction, extreme inflation (like in 2022) forces rapid rate hikes that cause both stocks and bonds to lose value simultaneously.

In a rare "2022 scenario" where a contraction is accompanied by very high inflation, how does the expected relationship between stocks and bonds change?

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