Macro Monday Ep112: Markets aren’t pricing in ‘stagflation’
From Investec Focus Radio SA by Investec
April 20, 2026 · 9 min
About this episode
Chris Holdsworth discusses the market's failure to price in stagflation despite an oil shock.
Ordinarily, you’d expect an oil shock to lead to not only higher inflation, but also weaker equities and a lower growth outlook. However, markets aren’t pricing in a stagflationary outcome. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, examines this apparent anomaly. Investec Focus Radio SA
People in this episode
Guest: Chris Holdsworth
Topics covered
- stagflation
- market analysis
- inflation
- equities
- economic outlook
Keywords
- stagflation
- inflation
- equities
- oil shock
- market analysis
Mentioned in this episode
Organizations: Investec, Investec Wealth & Investment International
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