Time to dig out those bell-bottoms and eight-track tapes. Wall Street may be headed for a second season of “That ’70s Show.”
Not that today’s millennial investors know what those items are of course.
A pair of high-profile financial commentators went on record this week saying investors may need to study the playbook for the 1970s if they want to make money in the 2020s.
Mohamed El-Erian, president of Queens’ College at Cambridge and chief economic adviser at Allianz, warned of a ’70s-style “stagflation” in a Bloomberg interview this week, blaming the Federal Reserve’s view in 2021 that inflation would at some point fade. He noted that Fed Chair Jerome Powell has since retired the “transitory” thesis and that Powell now says he will tighten monetary policy until he sees “clear and convincing” evidence that inflation is in retreat...
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