Recession not Here Yet-Stagflation Is…
Recession may not be here yet — but stagflation is: El-Erian
The U.S. economy contracted by 1.5% in the first quarter, with headline consumer prices rising by 8.6% in May.
Stagflation isn’t the trajectory facing just the U.S. economy, either.

Earlier this month, the World Bank cut its forecast for global growth this year to 2.9%, from a prior forecast of 4.1%, and issued a warning: “The global outlook faces significant downside risks, including intensifying geopolitical tensions, an extended period of stagflation reminiscent of the 1970s, widespread financial stress caused by rising borrowing costs, and worsening food insecurity."