It’s Time to Talk About Stagflation

Well, that was clarifying. The Producer Price Index (PPI) for all commodities came in at 19.9% for August, representing the highest year-over-year gain since, well, the peak of the oil embargo in November 1974. None of the other postwar cyclical flare-ups even came close. And, by now, it’s also time to dispense with the silly talk about […]
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