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One quarter does not stagflation make. True, the March quarter’s real GDP growth rate was down from the December quarter’s, while inflation was up—a combination that calls to mind “stagflation.” But the current economic scenario is nothing like the stagflationary environment of the late 1970s, when the combination of anemic GDP growth and out-of-control inflation crippled economic activity. … Today, we look at data confirming that economic activity is continuing apace—with consumers consuming, housing recovering, and businesses investing—and that PCED inflation remains on a moderating track, within our target range for the year.