MEME: STAGFLATION
The word is popping up now, but still not given much credence.
We need Maria Bartiromo to bless it before we go bullish.

Economist Allen Sinai of Decision Economics Inc. in Boston said the Fed's decision to put a brave face on economic prospects represented a big wager by policymakers that the impact of rising energy prices will soon fade.

"The economy is fine, ex-energy, is how I would put it," Sinai said, though he noted that the Fed was likely not pleased by the divergent trends it now was seeing between rates of overall economic growth and prices.

"That represents a risk to the outlook for the economy that's called stagflation," he said. "We're already observing slower rates of growth than had been expected and there is some suspicion that higher energy prices may be starting to bleed into core prices."