Is Stagflation Coming Back? Jesse Felder on Oil, Inflation, and Market Complacency

Is Stagflation Coming Back? Jesse Felder on Oil, Inflation, and Market Complacency

From Mining Stock Daily by Trevor Hall

April 24, 2026 · 55 min

About this episode

Ian Wagner interviews Jesse Felder about the risks of stagflation amid rising energy prices and market complacency.

In this longform interview, Mining Stock Daily's Ian Wagner sits down with Jesse Felder to unpack the growing risk of stagflation against the backdrop of the ongoing U.S.–Iran conflict and rising energy prices. Wagner opens by questioning why equity markets remain resilient despite clear geopolitical and economic stress, while Felder points to a deeply ingrained “buy-the-dip” mentality and a shift toward speculative behavior since the pandemic. Felder argues that the current environment is being shaped by several long-term inflationary forces, including aging demographics, deglobalization, persistent fiscal deficits, and years of accommodative monetary policy. He suggests the recent energy shock is not the root cause, but rather an accelerant layered on top of an already fragile system. The discussion also highlights weakening earnings outside of energy and AI, risks tied to a slowing labor market, and the potential for higher interest rates. Felder emphasizes gold as a leading indicator, signaling further upside in commodities and yields. He ultimately warns that rising oil prices, tightening financial conditions, and a possible unwind of the AI investment boom could drive the…

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