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MFS Investment Management says the risk of stagflation now is much lower than it was after the Russi

2026-03-11 15:07:42

MFS: Stagflation Threat 'Far Lower' Than 2022—Inflation Markets Aren't Biting on the Long End

Benoit Anne at MFS Investment Management is pushing back on the stagflation chatter. In a new note, he argues that today's risk is much lower than it was after Russia invaded Ukraine in 2022—thanks to a stronger global economy underneath it all.

Yes, oil spiked. Yes, markets are nervous. But Anne says the risk of lasting inflation isn't the same this time. And here's the kicker: inflation markets seem to agree. The one-year breakeven rate has ticked up, sure. But five- and ten-year breakevens? Barely moved. Markets are pricing in a spike, not a regime shift.

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