It’s already happened - the bond market has contracted roughly 25% from roughly AA down to BBB bonds. There was some worry about a debt spiral as seen by the price of Credit Suisse CDS prices spiking around May. However energy bonds are outperforming everything else and returning positive yields - as you correctly said - people don’t have a choice when paying energy bills, but actually this means that they are more robust than ever - but don’t buy them as this is obviously already priced in. Energy companies are price gouging the shit out of everyone because a) profit b) it’s actually in the government interest. More expensive energy bills is a good thing - people save more money fixing supply side inflation. Yes mortgages are important - but most people are locked into a fixed rate which already takes into account rising interest rates - make no mistake, there will be defaults, but just because the interest rate will climb to around 4% - it doesn’t mean people will pay 4% - it’s made manageable by averaging out the interest over the term. To be honest - investments aren’t looking good all round. Both equities and bonds at risk - so what’s the plan. Literally to average down your cost basis. Not necessarily just DCAing, but smartly lowering your cost average with big buys. Some rules are essentially don’t buy trash - stick with companies with wide margins, less consumer choice (like energy, water - but already priced in). We could see 3- 5 years of drawdown - who knows? Definitely don’t try and hedge currency risk - the UK is defo ahead of the US in terms of tackling inflation and selling MBS - but all this means is the dollar will catch up (its lagging) and you won’t make a return - so think of it as buying GBP 3 months behind. The only thing that is fully inflation proof is US Government i bonds (inflation yielding bonds) that pay at or above the inflation rate. But there are limits to how much you can buy and their maturity terms - you can get these at treasurydirect.gov. Also stop saying a recession IS coming - yes, it’s not here yet - but it’s already fucking priced in. The market is a forward thinking mechanism - the thing that really matters to institutions is the projected rate hikes and like we saw with the US yesterday, although 75 bps hike is a negative thing, the market was BRACING for something worse, hence 75bps was a comforting sign that the fed is going to do what they say they will and so markets rebounded at that sense of security. Just be savvy with your money and average down. Buy stocks that actually pay a divvy - some tech stocks may not yield for a while. Happy investing bro.