(https://www.cnbc.com/2026/05/14/nearly-40percent-chances-of-stagflation-by-end-of-2026-traders-say-.html) by year-end just rewrote the script. For six months, the market priced in rate cuts that would compress bond yields and turbocharge multiple expansion in tech. That trade is dead. In stagflation, you're stuck — revenue growth decelerates while cost structures stay rigid, and the Fed can't cut because inflation is still hot.