Introduction

In this episode, we're focusing on the risk of stag flation. That's the combination of stagnant growth and higher inflation that many of our listeners might remember from the 19 seventies. Today we're facing two major growth risks that are looming large against a backdrop of alarmingly high inflation. The first growth risk is the prospect of a policy mistake in the us as the fed has embarked on a tightening cycle to rain an inflation which was already running at multi decade hies before the tragic russia ukraine conflict delivered a sizable commodity shock. And the growthrisk is the prospect that the conflict deals a crippling economic blow to europe, in particular given europe's dependence on russian