Inflation: How bad for stocks?

If monetary tightening affects discretionary spending (of the middle class and the poor) and non-essential assets mainly, how will demand for the essential items shrink?

Those who are now in their late sixties or older would know that one of the chief features of the 1970s has come back. No, I am talking not of the return of disco dancing or bell-bottom trousers but inflation. As high single-digit inflation persists in the West and double-digit inflation rages elsewhere, it suddenly seems as though nations have lost control over accelerating price rise, which is the ultimate nightmare of economists, politicians, and investors everywhere. Central banks are rushing to tighten money supply (reducing liquidity and raising interest rates) to control inflation and governments are simultaneously trying to