Stagflation, this "old ghost," why does it always manage to scare the market?

Recently, a new term has been appearing more frequently:
Stagflation.
Many people get nervous when they hear this word.
Because historically, stagflation is usually not a good scenario.
The most classic example is the 1970s.
Slow economic growth
High inflation
This is almost a nightmare for policymakers.
If they stimulate the economy:
Inflation could rise even higher.
If they curb inflation:
The economy could slow down further.
So what the market is worried about now is:
If CPI and PCE data remain strong
But economic growth begins to slow,
Then the "stagflation ghost" might really come back.
For Bitcoin, this story becomes very interesting.
Because many supporters believe:
Bitcoin is an inflation hedge asset.
But the real market is often more complex.
When liquidity is tight
Risk assets are usually affected.
So in the short term, macro liquidity
In the long term, asset narratives.
This is also why macro and crypto are becoming increasingly intertwined.
$GT ‌#深度创作营