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Joe Mac’s Market Viewpoint: Welcome Back Stagflation

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Back in the 60s and 70s, when many of today’s traders and portfolio managers weren’t even born yet, the U.S. was plagued with the double-whammy of soaring inflation and plodding GDP growth. In a word, it was the era of “Stagflation.” Some say if you remember those times you weren’t really there. I was there, however, and remember well what happened. Unpopular wars and expensive new social programs ballooned government deficits which were monetized by the U.S. central bank, sowing the seed...


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