(Bloomberg) -- Fed tapering or delta variant fears are old news now. As markets return from the summer lull in search of new catalysts, an old standard is starting to dominate risk sentiment: stagflation. Bloomberg's News Trend function shows that uses of the word this month shot up to the highest since at least September 2011. The term reflects a range of concerns fueling investor angst from the growth outlook seen in global PMIs to cost concerns that have kept U.S. five-year inflation swaps elevated.
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