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Déjà Vu with a Side of Pain: 2022 Called, It Wants Its Headache Back

Just when I thought I was out, they pull me back in

Just when markets thought they’d left the worst behind, stagflation is back on the radar — and with it, all the old dilemmas. Inflation remains stubbornly above target in the US, Euro Area, and Japan, while growth is showing signs of fatigue. Investors are once again forced to navigate the impossible: rising prices that demand rate hikes, and weakening activity that cries out for cuts. It’s a throwback no one asked for, but one central banks can’t afford to ignore. Let's have a look at the stagflation with focus on inflation.