Possible scenario
Stagflation Lite Baseline
40% Chance
The most likely path is that sentiment remains weak because households keep seeing tariff and gasoline pass-through in prices, but spending does not collapse. Markets treat the 48.1 reading as confirmation of an uncomfortable inflation-growth mix rather than a recession signal.
Initial impacts
- Market volatility Up
- 10-year Treasury yield Up
- Oil prices Down
Secondary impacts
- Technology -0.4%
- Energy -0.3%
- Consumer Non-Cyclicals +0.2%
- Consumer Cyclicals
Portfolio impact
S&P 500-0.1%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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