Stagflation

Rabobank: S-T-A-G-F-L-A-T-I-O-N

By Michael Every of Rabobank via Zerohedge

Economic data had their own drama for once yesterday. Eurozone inflation was far too high at 5.1% y/y vs. 4.4% expected, while the US ADP employment number was far too low at -301K vs. 180K expected. **S-T-A-G-F-L-A-T-I-O-N**. The only argument is how much stag and how much flation…