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One word still sends chills up the spines of investors who lived through the 1970’s: stagflation.

It’s not time to freak out yet. Earnings season has shown solid returns seven straight quarters. But Hedgeye CEO Keith McCullough warns that with inflation rising, and forecasts for US growth to slow in 2H18, there’s a real chance for a return to stagflation.

“We have a lot of subscribers who get all the free stuff from the guys who get paid when they click on their fear-mongering clickbait. Stagflation is a really good one for them to talk about right now, because it’s actually true,” McCullough says in the clip above. “Stagflation is the number one factor that perpetuates multiple compression in the S&P 500.”

Ignore the clickbait, but keep a close eye on the data and earnings. We may be peaking. Stagflation could be around the corner.

Watch the above clip for more.

 Watch Out! Inflation ↑ Growth ↓ = Stagflation - the macro show