Much of this week has been spent talking about the "r" word. A more precise description of where things stand is the "s" word: stagflation. Why it matters: The latest data on wages and inflation, combined with last quarter's contraction, point to a mix of flat growth paired with persistently high inflation. What's new: Friday morning brought a dose of bad news for Federal Reserve chair Jerome Powell, courtesy of an indicator he watches closely. • Wages and salaries rose at a record pace last quarter: 5.3% from a year earlier, according to the Employment Cost Index. Private-sector wages jumped ahead at an even ... (full story)