(NEXSTAR) — Economists last hinted that stagflation may be on the horizon for Americans in 2022 amid high inflation and a weaker job market, but it never arrived. Now, stagflation has found its way back into conversations amid the ongoing trade war and a shaky Wall Street.

Richard Clarida, former Federal Reserve Vice Chairman turned global economic advisor at Pacific Investment Management Co. and Columbia University professor, recently told Bloomberg there is “already at least a whiff of stagflation right now” in the U.S. Ed Yardeni, president of Yardeni Research, lifted his probability of the country entering a stagflation period from 35% to 45% in a note to clients on Monday, according to Yahoo! Finance.

Described as “the bitterest of economic pills,” stagflation does not have a formal definition. It is generally brought on by high inflation and a weak job market.