Stag flation is where economic growth either slow down or stop, or even go into reverse. It's a toxic combination because inflation would push central banks to raise interest rates. Investors think that the inflation that we all thought back in january and february would be temperately transitoryas say let's not worry about it. This is just a series of won offs. Now there's much rethint going on where investors are kind of looking around the room and thinking, hang on. I don't like the look of this.