What Happens to Company Earnings in That Environment?

Goldman has cut its forecast for inflation to one point seven %, which is below potential. They added another seven tenths of a percentage point to inflation. What happens to company earnings in that environment? If the pie is not growing as much as we thought the pie would grow? But even if the earnings over all don't quite come up to where expectations were for before the conflict began, it's likely not to be a big risk.