Increasingly Wall Street is concerned about higher inflation and lower growth. A situation last seen in the 1970's when it gained the moniker Stagflation. The latest to join in this Chorus of Casandra's is non other than Stephen Roach, former Asia Chairman for Morgan Stanley.

And we're starting to see, just what Wall Street is talking about, with last quarters GDP Growth Rate coming in at just 6.7% down big from the recovery quarter before. And inflation now officially reported at 5.3%, although there are some measures even higher.