Stephen Roach is the latest high-profile economist to sound the alarm on the risk of the United States facing 1970s-style stagflation—where economic growth falls, but inflation stays stubbornly high.
The former Morgan Stanley Asia chairman told CNBC on Sept. 29 that the energy price spike is inflicting major damage to struggling supply chains and that he believes that the United States is “one supply chain glitch” away from a ‘70s-era bout of stagflation.
