Citigroup CEO Jane Fraser has bad news, warning that the markets are in for a “brutal winter.”

The world economy is still recovering from the COVID-19 pandemic. Early lockdowns sparked a chain of events that have led to shortages and supply chain issues around the globe.

Those supply chain disruptions spell more trouble ahead, according to Fraser, via Yahoo Finance.

“We’re probably in for a bit of a brutal winter, particularly in the energy markets where there’s also some challenges there,” Fraser says. “But it’s not long-term structural stuff that we won’t adjust to.”

“This too shall pass,” she added. “It’s going to pass probably in 2022.”

Fraser’s comments are inline with other financial experts, many of whom believe the supply chain issues will continue to fuel inflation and wreak havoc on the market.