Deflation first, then inflation.

Deflation first, then inflation. t.co/S1sX0vI85A — BLACK SWAN (@RetirementRight) January 21, 2021 REAL RATES 👇👇👇 pic.twitter.com/5fdX56kjVl — Win Smart, CFA (@WinfieldSmart) January 21, 2021

Deflation THEN stagflation?

France & Italy deflation THEN stagflation pic.twitter.com/hs2TKJM4tU — Win Smart, CFA (@WinfieldSmart) July 1, 2020 CONSUMER INFLATION EXPECTATIONS pic.twitter.com/XdryLfbnEE — Win Smart, CFA (@WinfieldSmart) July 1, 2020