Courtney Brown

Mark Zandi is chief economist at Moody's Analytics.

Obviously, we're paying a lot more for gasoline.

Before all this, we were paying less than $3 a gallon.

Now we're paying $4, and the direction of travel is pretty disconcerting.

Inflation pressure is already reflected in sharply rising interest rates.

If you want to go out and get a mortgage, you have to pay 6.5% on a 30-year fix.

That's up about a half a point.

If you're a business, I wouldn't count on any more rate cuts by the Federal Reserve.

Another place feeling the impact after four weeks of war, the stock market, says Sam Stovall, chief investment strategist at CFRA Research.

The market has taken a one-two punch and is staggering like an aging boxer.

With all of the major indexes, S&P 500, Dow and Nasdaq, all down sharply.

Though that doesn't mean every sector's suffering.

Energy stocks are up 25%.

And, says Stovall, There's an old saying that when the going gets tough, the tough go eating, smoking and drinking.

So you have consumer staples, food, beverage, tobacco, are down but less than 1%.

So far, we haven't seen much impact on the job market, though it was already pretty weak, says Paul Christopher at the Wells Fargo Investment Institute.

The job growth numbers have been some of the lowest that I've ever seen, but still the unemployment claims are also low.

Unemployment is likely to rise, says Moody's Mark Zandi, as employers feel the pain of soaring energy prices and slower growth.

Zandi sums up the current state of the economy this way.

So far, the damage is manageable, but it's mounting.