So I posted this as a comment elsewhere but maybe it needs its own discussion here.

This panic is getting close to overblown for the long term. People still need shit, companies are going to have to make products and provide services. There may be a supply shock in the short term and one analog to look at would be the oil crisis of the early 70s. There was a fierce bear market that dropped the market almost 50% in a year. Stonks are going to do fuck all this year if we start seeing economic effects.

But I think one possible outcome of this panic that's getting overlooked here is triggering inflation. What's going to happen when products start to become scarce and people need to outbid others for more of them? You guessed it. Yet the 10 year yield hit a record low. I think the coming rout in bond prices will be the next big shoe to drop if we start seeing actual supply shocks. I might wait until we get any announcement from central banks on rate cuts. That should be the final nail in the coffin and should cement an upward price (inflation) spiral.

This isn't necessarily about the short term supply shock which would sort itself out in a few months, but about central banks overreacting and getting on the wrong side of inflation. Bond prices will have to crash to reflect higher interest rates as central banks start to play catch up.

TLDR: start shorting bonds especially if you start hearing talk of rate cuts. This is a contrarian play. TLT puts, or buy TBF, TBX.