JPMorgan strategist warns of 1970s-style stagflation risks amid inflation uptick and tightening policies

• JPMorgan's Marko Kolanovic sees risks of 1970s-style stagflation returning • He says recent pickup in consumer and producer prices casts doubt on "Goldilocks" economic outlook • Kolanovic argues inflation will be harder to control due to stock/crypto market gains and quantitative tightening • His view counters investor confidence that Fed can steer economy to soft landing • Kolanovic disagrees with theory that high stocks are justified by changes in neutral interest rate