Stocks at Record Highs But Stagflation Fears Loom, Echoing 1970s Conditions

• US stocks hit record highs but may not last due to rising risks of 1970s-style stagflation, per JPMorgan strategists • Stagflation combines economic stagnation and high inflation, with soaring prices and high unemployment • Similarities seen today - had inflation wave, questions if second wave can be avoided • Recent hotter inflation reports raised concerns inflation could stabilize at elevated level • JPMorgan CEO Dimon also drew parallels to 1970s - large deficits, government spending, trade flows