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The global economy is currently experiencing a supply shock that could lead to economic dislocation.
Stagflation thus represents a headwind to long duration assets with scope for commodity, financials, and alternative assets to benefit.
All eyes turn to the concept of stagflation, and not a few looked back to the crisis of the 1970s, which was caused by high oil prices, and their influence on both growth and inflation.
The ECB meeting took place yesterday and there were no many changes since last meeting but Christine Lagarde made it clear that there is not risk of Stagflation.
James Novotny discusses stagflation and asks whether central banks are about to make a mistake.
Many economists have fretted that an unintended consequence of giving away free money, via quantitative easing (QE) and ultra low interest rates, is that prices ultimately rise but nothing extra is produced.
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