Powell says he doesn’t see ‘stag’ or ‘flation.’ UBS has a playbook if he’s wrong
“While no one wants to say the ‘R’ word anymore, risks of stagflation and a nonconsensus Fed hike have been the topics of conversation recently.
The path to ~1 cut from multiple cuts fully priced in at the start of the year has been long and winding, though equity markets have largely digested the ‘higher for longer’ narrative.
We don’t think they can escape scot-free if stagflation risks actually come to fruition, though not our base case,”
Steve Goldstein 2 May 2024
“Stagflation” remains a word not uttered in the polite company of the financial world.
https://englundmacro.blogspot.com/2024/04/somewhat-elevated-unlike-monetary.html
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