Policymakers around the world may not like the word ‘stagflation,’ but they’re going to hear a lot more it this year if the import tariffs US President Donald Trump is threatening open up a global trade war.
“I don’t use the word stagflation,” Bank of England Governor Andrew Bailey said earlier this month. “It really doesn’t have a particularly, frankly, precise meaning.”
He is correct about the ambiguity. Stagflation was
