Not discussed. Her narrative of stagflation (inflationary but growth-damaging) creates conflicting forces for metals, leading to a neutral inference.

She argues bonds will outperform equities in the coming uncertain, stagflationary environment, implying negative equity outlook.

This is not only a large price spikes for energy... the longer this goes on... the more growth affects you could have. The entire analysis is based on the premise of a current and potentially prolonged energy price spike.

Central banks will eventually need to focus on, shift focus from inflation to more downside growth the fact. Ultimately the bond market when that happens will be a great diversification asset. Her core thesis is that the initial hawkish repricing (yields up) is wrong because growth will be hit harder, forcing a dovish pivot (yields down).