Will Inflation Turn into Stagflation?

Will inflation turn into stagflation? With inflation hitting 40-year highs, it’s the question of the hour.

Currently, Wall Street and the Fed are saying no, forecasting a respectable 3.7% real for 2022, 2.7% for 2023, and 2.3% for 2024. These aren’t epic prints, but they’re also nowhere near recession.

Of course, that same dream team of Wall Street and F…