Why Stagflation Is Back on Some Traders’ Radars

Five months after the Covid-19 crisis knocked the U.S. economy off its axis, inflation seems like the last thing anyone would be worried about. If anything, deflation seems like the more here-and-now risk. But in the gold and U.S. Treasuries markets, there are signs that some investors are worried about inflation down the road. In particular, some traders are signaling concern about stagflation, a rare combination of low growth and high inflation. It’s a minority view, but here’s why it’s in the