RBC Capital Markets’ Tom Porcelli isn’t buying the current stagflation hoopla. 

“Forget about these words -- transitory and stagnation -- all these words are a massive distraction,” Porcelli, chief U.S. economist at RBC Capital, said Tuesday in an interview on Bloomberg TV’s Surveillance. “If your question simply is growth going to slow next year, the answer to that is a resounding yes. You cannot maintain 6 per cent growth.” 

Porcelli said his “word of caution” is more focused on the “stag” as opposed to inflation. His firm is projecting about 4 per cent growth for the U.S. in 2022. “Is that really growth stagnating?,” he asked. “You’re wildly above potential growth.”

Admittedly, the RBC Capital economist said “there’s no question” there’s some level of caution among consumers as rising “prices are definitely eroding some level of confidence.”