Stifel's named regime call: the US entering 'a period of persistently high inflation AND strong economic growth' — distinct from stagflation (weak growth) and goldilocks (inflation normalising). Mechanism: nominal growth + sticky inflation keeps the yield leg elevated while supporting nominal earnings, favouring pricing-power / nominal-growth sectors (energy, financials, materials) over software/semis. Sits in direct tension with Bessent's 'inflation coming down' and macro commentators' disinflation-driven rate-cut thesis. Bears on ZN (bear if it materialises), SR3 (bear lean), ES (sector rotation — multiple-compression risk vs nominal-earnings support).