Has Stagflation Returned?

The threat of a recession occurring at the same time as higher than expected inflation raises concerns about stagflation, a combination of inflation and stagnant growth not seen since the 1970s. Minutes from the January Open Market Committee meeting indicate the Fed will raise rates quickly to avoid inflationary pressures when concerns over slow growth subside. Despite inflationary pressure, investors predict the Fed will ease rates 50 basis points during their next meeting on March 18th.

Snapshot asks, are we or will we experience stagflation?

New York Times: That 70s Look: Stagflation
Federal Reserve Board: Minutes of the Federal Open Market Committee January 29-30, 2008
Bureau of Labor Statistics: Consumer Price Index Summary
Wall Street Journal: Two Front Fight for the Fed
Wall Street Journal: Fears of Stagflation Return As Price Increases Gain Pace
Bloomberg: Fed Sees Rate Low `for a Time' Then Possible Reversal
Frederic S. Mishkin: The Federal Reserve's Tools for Responding to Financial Disruptions, February 15, 2008