KPMG's chief economist says that if stagflation strikes, the only clear way out of the Iran war for some foreign countries is a 'deep recession'

KPMG's chief economist says that if stagflation strikes, the only clear way out of the Iran war for some foreign countries is a 'deep recession'

Gas prices in Arlington, Virginia in early April sat above $4.00 a gallon.Celal Gunes/Anadolu via Getty ImagesStagflation and labor-market risks are growing as the Iran war continues.KPMG chief economist Diane Swonk says that under a stagflation scenario, the "only clear way out" for the economy is a "deep recession."Swonk says the Fed is in a bind because the economy is being hamstrung by supply-side constraints.The Iran war has raised stagflat…