Macro Monday Ep112: Markets aren’t pricing in ‘stagflation’
20 April 2026

Macro Monday Ep112: Markets aren’t pricing in ‘stagflation’

Investec

About
Ordinarily, you’d expect an oil shock to lead to not only higher inflation, but also weaker equities and a lower growth outlook. However, markets aren’t pricing in a stagflationary outcome. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, examines this apparent anomaly. Investec Focus Radio SA