SPY $ 580 Stagflation

1. **Supply shocks**: Sudden increase in the cost of essential raw materials, such as oil or metals.
2. **Restrictive economic policies**: Excessive regulations or policies that distort the labor and goods markets.
3. **Engrained inflationary expectations**: Upward wage and price adjustments in anticipation of future inflation.
4. **Structural unemployment caused by AI and automation**: Loss of jobs due to the replacement of workers with advanced technologies.
5. **Expansive fiscal policies**: Excessive public spending that exceeds the productive capacity of the economy.
6. **Weakness in productivity**: Insufficient investments in technology or human capital that limit economic growth.
7. **Imported inflationary pressures**: Importation of inflation through foreign goods and services or currency depreciation.
8. **Increase in labor costs**: Increases in labor costs that are not aligned with improvements in productivity.
9. **Trade barriers and protectionism**: Tariffs and quotas that increase import costs and decrease global economic efficiency.