Please God, No Stagflation

Markets head into the new week still stressed after one of the more turbulent stretches since last year's regional banking crisis. On the surface anyway, US equities came away from the early-August vol shock mostly unscathed. The S&P ended unchanged last week, as did the broadest measure of global equities. But the the intraday swings witnessed on the way to what, from the August 5 lows to the August 9 highs, was a ~515bps rebound in futures, were indicative of  "extreme pockets of stress