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The Weekly Fix: Don’t You Dare Say Stagflation; Safeguards Are Slipping

A worker uses a mig welder at a coal stove manufacturing facility in Berwick, Pennsylvania.
A worker uses a mig welder at a coal stove manufacturing facility in Berwick, Pennsylvania.Photographer: Ty Wright/Bloomberg

Welcome to The Weekly Fix, the newsletter that’s been known to get fast and loose with its covenants. I’m cross-asset reporter Katie Greifeld.

A somewhat taboo phrase has started to creep into the market narrative. Inflation expectations are sky-high, and the data are starting to deliver. Meanwhile, ‘peak growth’ warnings are starting to ring, and have only grown louder after last week’s shockingly large U.S. payrolls miss. You guessed it: Stagflation.