Let's say in one week prices down about 20%
Equity and comnodity prices are quickly moving back into stagflation.
The effects on populations and businesses can be seen after an 8/12 months.
Banks will have to manage NPL and those with little capital will blow up.
Corporate bonds are repositioning heavily on lower prices and new issues (& of course renewals will cost more too).
Global private/public debt is $300 trillion, 200 bp rise in rollovers would have effects like to say quite major even in the U.S. with a federal debt of about 130% of GDP.