2021 Q3 Review and Outlook – Inflation, Stagflation or Neither?

The well-stimulated economy continued to power along in the third quarter of 2021, but the S&P 500 SPDR ETF (SPY) barely squeaked out a 0.6% gain. The U.S. bond market (as measured by the US Aggregate Bond ETF – AGG) was flat (-0.01% return), and a 60% stock/40% bond portfolio gained 0.3%.  Year to date,…