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

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Text version: https://stenobird.com/podcast/investec-focus-radio-sa-680399/macro-monday-ep112-markets-aren-t-pricing-in-stagflation.md
Podcast: [Investec Focus Radio SA](https://stenobird.com/podcast/investec-focus-radio-sa-680399)
Published: 2026-04-20T08:15:00+00:00
Episode link: https://iono.fm/e/1667663
Audio file: https://dts.podtrac.com/redirect.m4a/dl.iono.fm/epi/prov_374/epi_1667663_medium.m4a?p=rss
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JSON: https://stenobird.com/v1/public/podcasts/investec-focus-radio-sa-680399/episodes/macro-monday-ep112-markets-aren-t-pricing-in-stagflation
Duration seconds: 562

## Resource

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

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## Transcript

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