Having spent most of 2021 debating inflation and the associated impact on the global economy, monetary policy, and financial markets, many have recently moved their focus to the topic of stagflation. 

As a blend of stagnation and inflation, stagflation refers to an economic environment where inflation persists at a high level while economic growth is lower than expected and unemployment remains stubbornly high. 

To frame this stagflation concern as simply as possible, inflation has largely been surprising to the upside, while growth has been surprising to the downside.

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