Systemic inflation, rising commodity prices, the war in Ukraine and supply chain bottlenecks, could all drive inflation, says Nick Tell, CEO of Armory Group. He says dampening demand is the only way the Fed can control inflation. Paul Murray, President and Founder of PTM Wealth Management, says increased input costs for companies is a big cause for stagflation. He says wage inflation is a part of this equation. He says the changes in consumer spending decisions is a threat to growth. He discusses the supply chain issue. They discuss the fine line the Fed has to walk with raising rates. Nicks says the consumer will have to ride through some very difficult times as spending power will be reduced and wages won't keep up.