All eyes and ears were on the two-day meeting of the Federal Reserve’s Open Market Committee (FOMC) that ended on March 21. While most observers did not expect interest rates to change the markets were keen to know what language the Fed would use about inflation in its statement on economic and monetary policy. The U.S. economy has seen mixed signals lately and concerns about recession have been replaced by worries about ”stagflation” -- or stagnation combined with inflation. Is stagflation really looming and if so what will it mean for investors? To answer these questions Knowledge at Wharton spoke with Wharton finance professor Jeremy Siegel.