There's a more open discussion about stagflation in Europe. In July, consumer expectations for EU inflation inched up to 2.4% for the next 3 years from 2.3%, even as services PMIs underwhelmed. bloomberg.com
ECB's Schnabel last week: Recent developments “point to growth prospects being weaker than foreseen in the baseline scenario. But underlying price pressures remain stubbornly high, with domestic factors now being the main drivers of inflation in the euro area.”
Meanwhile, over in the US, GS sees recession as an increasingly remote possibility next year. "We still strongly disagree with the notion that a growing drag from the ‘long and variable lags’ of monetary policy will push the economy toward recession.” bloomberg.com
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