Stagflation fears are back: Mentions of “stagflation” in Bloomberg News spiked to ~1,500 over the last few weeks, the highest since May 2024. Stagflation means persistent high inflation combined with slow economic growth and elevated unemployment. This comes as inflation has accelerated and GDP growth estimates are falling. Additionally, leading indicators have suggested that unemployment is set to rise this year. Most recently, the Fed raised both their unemployment and inflation forecasts for 2025 while cutting GDP growth estimates. Is stagflation officially here?