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FPX Nickel Announces Board and Management Changes

Investing 5 Mins Read

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to announce the appointment of Dan Apai, P. Eng., as the Company’s Vice President, Projects effective May 1, 2025 . Mr. Apai succeeds Andrew Osterloh who will be departing his role as a Company employee on May 9, 2025 . Further, the Company is pleased to announce that Mr. Osterloh will be nominated for election as a Board member at the Company’s annual general meeting to be held on June 26, 2025 .

Martin Turenne , President and CEO of FPX stated, ‘On behalf of the Board of Directors, I would like to thank Andrew for his dedication and service to the Company. During Andrew’s tenure and under his leadership, the Company has significantly improved the development basis for the Baptiste Nickel Project, including progressing technical maturity in the areas of metallurgy, engineering, and execution planning. We are grateful for his efforts and wish him the very best going forward.’

Mr. Turenne continued, ‘I am delighted to welcome Dan to our senior management team. Dan has been a valuable contributor since he joined the Company in January 2023 as our Engineering Manager. Dan brings a wealth of knowledge from prior experience developing and commissioning multiple large-scale projects and his deep familiarity with Baptiste will ensure a smooth transition as we further advance the Project.’

‘We are very happy to welcome Andrew to the FPX Board,’ commented the Company’s Chairman, Peter Bradshaw . ‘Andrew has demonstrated exceptional leadership in progressing Baptiste through the development of the prefeasibility and refinery studies. His deep understanding of the Project and strategic insights will be a significant asset to our Board. We look forward to his contributions as a Board member to the Company’s continued success.’

Mr. Osterloh joined FPX in June 2021 , bringing with him extensive experience from project management roles at Fluor Canada and site operations positions at several notable mining projects, including Eskay Creek (that is now being redeveloped by Skeena Gold & Silver) and Huckleberry, operated by Imperial Metals, both located in British Columbia . Mr. Osterloh will be assuming the role of VP, Engineering & Construction at Skeena Gold & Silver, as the Company undertakes redevelopment of the Eskay Creek Project.

Mr. Apai, the Company’s Engineering Manager since January 2023 , has over twenty years’ mining industry experience in civil engineering and engineering management over a diverse range of projects. As Principal Civil Engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Dan’s technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Mr. Apai is a Member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .

About the Baptiste Nickel Project

The Company’s Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high grade product that does not required any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company’s website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

‘Martin Turenne’
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered ‘forward-looking information’ within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/29/c3955.html

News Provided by Canada Newswire via QuoteMedia

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Trump Takes Aim at China with Deep-Sea Mining Nod, Looks to Boost Critical Minerals

Investing 5 Mins Read

Continuing his administration’s push toward reducing US reliance on Chinese mineral imports, President Donald Trump has signed a new executive order to fast track processes for deep-sea mining.

The release highlights nickel, cobalt, copper, manganese, titanium and rare earths as strategic minerals key to both national security and economic prosperity, saying that deep-sea mining may provide increased access.

The April 24 announcement from Trump came a day after Secretary of the Interior Doug Burgum outlined potential plans for the government to invest in US companies that mine and process critical minerals.

Speaking at a conference put together by the Hamm Institute for American Energy, Burgum said there may be a need for “equity investment in each of these companies that’s taking on China in critical minerals.”

He discussed a multifaceted strategy that could include the creation of a sovereign wealth fund, government-backed sovereign risk insurance and a national stockpile of critical minerals.

“We should be taking some of our balance sheet and making investments,” Burgum told reporters last week. “Why wouldn’t the wealthiest country in the world have the biggest sovereign wealth fund?”

What’s at stake for the US?

These efforts to reposition America’s mineral supply chain come amid the country’s escalating trade war with China, which has tightened its grip on the global critical minerals market.

Currently, China produces or refines a dominant share of 20 key raw materials used in essential technologies — from semiconductors and electric vehicle batteries to missile guidance systems and wind turbines.

According to the US Geological Survey, the US was 100 percent reliant on imports for 15 critical minerals in 2024, and approximately 70 percent of its rare earths came from China the year before.

China’s latest retaliation — a new wave of export controls on rare earth elements in response to US tariffs — has only intensified concerns about supply chain vulnerability.

“We have to get back in the game,” Burgum urged in the same conference.

“It’s not just drill, baby, drill. It’s mine, baby, mine. If we don’t do that as a country, we will not be successful. We will literally be at the mercy of others that are controlling our supply chains.”

Building a domestic safety net for America

To offset both economic and geopolitical risks, Burgum laid out three key proposals under consideration:

  1. Sovereign wealth fund — A mechanism to allow the US to take equity stakes in domestic mining and processing firms, particularly those struggling to compete with Chinese state-backed entities.
  2. Sovereign risk insurance — A federal insurance program to reimburse companies in the event that a future administration cancels approved projects.

Burgum asserted that the three combined would put the US “in the game around critical minerals,” and said the administration is currently “working on all three.”

Opening the ocean floor to mining

Trump’s executive order directs federal agencies to expedite permitting under the Deep Seabed Hard Mineral Resources Act and the Outer Continental Shelf Lands Act. In addition to that, it instructs agencies to identify mineral-rich regions, facilitate exploration and map seabed areas for priority development.

Notably, the move bypasses the ongoing regulatory negotiations at the International Seabed Authority (ISA), a United Nations body tasked with setting global standards for ocean floor mining.

“The United States has a core national security and economic interest in maintaining leadership in deep sea science and technology and seabed mineral resources,” Trump states in the order.

Officials say US waters hold over 1 billion metric tons of seabed mineral deposits, including copper, cobalt, manganese and nickel — essential materials for renewable energy technologies and military applications.

However, the move has been met with sharp criticism from environmental groups and international regulators, which have long warned of the untested ecological risks of deep-sea mining.

“We condemn this administration’s attempt to launch this destructive industry on the high seas in the Pacific by bypassing the United Nations process,” said Greenpeace USA’s Arlo Hemphill in a statement.

“This is an insult to multilateralism and a slap in the face to all the countries and millions of people around the world who oppose this dangerous industry,’ he continues in the April 25 release.

The ISA, created under the 1982 United Nations Convention on the Law of the Sea — which the US has not ratified — has been working to establish a regulatory framework before any commercial deep-sea mining begins.

It is still deliberating rules on how to balance environmental concerns with mineral exploitation, with ISA Secretary-General Leticia Carvalho expressing hope that a global consensus can be reached by the end of 2025.

Mining companies mobilize amid US critical minerals push

Mining and energy companies are moving swiftly to capitalize on the Trump administration’s push to expand domestic production of rare earths and other critical minerals.

MP Materials (NYSE:MP), the operator of the only active rare earths mine in the US, reported a surge in interest from manufacturers after China imposed new export restrictions. The company has halted shipments of unprocessed ore to China, citing steep tariffs, and is ramping up efforts to process materials domestically.

NioCorp Developments (NASDAQ:NB) has welcomed the White House’s call to streamline permitting, which coincides with its plans to accelerate its Nebraska-based Elk Creek critical minerals project.

In the lithium space, oil giants like ExxonMobil (NYSE:XOM) and Occidental Petroleum (NYSE:OXY) are clashing over production rights in Arkansas’ Smackover Formation, one of the country’s richest potential lithium sources.

Exxon subsidiary Saltwerx recently won regulatory approval to develop a 56,000 acre lithium unit, a move it said could unlock the domestic industry and bolster US energy security.

At sea, The Metals Company (NASDAQ:TMC) is seeking permits under a decades-old US law to mine polymetallic nodules from the Pacific seabed, pointing to renewed political will.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Sport

NBA says Doncic was fouled late in Lakers’ Game 4 loss

Sport 2 Mins Read

Minnesota Timberwolves forward Jaden McDaniels should’ve been called for a foul on Los Angeles Lakers guard Luka Doncic with 35.5 seconds left in the fourth quarter of the Timberwolves’ 116-113 victory in Game 4 on Sunday, according to the NBA’s Last Two-Minute Report released Monday.

Minnesota had just taken a 114-113 lead, and Doncic dribbled toward half court when McDaniels’ right leg tripped Doncic, who fell to the court. No foul was called, and Doncic called timeout. On the Lakers’ next possession, LeBron James committed a turnover, leading to two made Anthony Edwards free throws.

Doncic and Lakers coach JJ Redick were upset with the no-call, which the NBA labeled an incorrect no-call in its Last Two-Minute Report. Doncic should’ve been awarded two free throws, giving the Lakers a chance to tie or take the lead.

“I got tripped for sure,’ Doncic told reporters.

The league’s Last Two-Minute Report also confirmed that referees were correct in calling a foul on James during a Minnesota challenge, saying James made “illegal contact to Edwards’ left wrist.’ Instead of the Lakers gaining possession, Edwards made two free throws with 10.7 seconds remaining.

The Timberwolves took a 3-1 lead and can win the series in Game 5 on Wednesday in Los Angeles (10 p.m. ET, TNT).

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Cavs obliterate Heat, sweep series. They were built for more than this.

Sport 3 Mins Read

The Cleveland Cavaliers categorically razed the Miami Heat on Monday, sweeping them in four games that looked — frankly — like the Cavs were on cruise control.

On one hand, it was impressive. Cleveland’s 73 bench points Monday night were just 10 fewer than Miami’s entire team scored in the 138-83 victory.

But, realistically, no one should read too much into this result.

Simply put: the Cavaliers, the wire-to-wire No. 1 seed in the Eastern Conference, did exactly what they needed to do. Guard Donovan Mitchell shined throughout the series, center Jarrett Allen worked the paint and Ty Jerome and De’Andre Hunter ignited off the bench.

More importantly, Cleveland ramped up its defensive intensity in the first round, with Evan Mobley — the newly-crowned Defensive Player of the Year — and Allen protecting the rim, and with wings closing out and defending the perimeter with tenacity.

So the big question is: will the Cavs be challenged in the conference semis?

Undoubtedly more than they were in the first round against a Heat team that rolled over, that much is clear.

But even the Pacers — Indiana is the likely opponent, with the Bucks in a 3-1 deficit and coping with Damian Lillard’s torn left Achilles tendon — have matchup issues against Cleveland.

The Cavs ranked ninth in the regular season in points in the paint per game (51.3), while the Pacers ranked 26th in opposing points in the paint per game (51.8).

With Allen’s footwork and efficiency and the ability of Mitchell and guard Darius Garland — if he heals from a toe sprain — to attack the paint, Cleveland can exploit Indiana’s weakness down low.

Indiana’s offense pushes the tempo up the court to prevent opposing defenses from getting into their sets. The Cavaliers — though not as quick as the Pacers — operate in a similar mind frame; the Pacers ranked seventh in pace (100.76), while the Cavs ranked 10th (100.31).

But one intangible Cleveland showed against Miami was its relentless intention in finishing. That much was evident from the first play of Game 4, when Heat point guard Davion Mitchell flicked a lazy pass that Allen easily swiped and turned into a breakaway dunk. From Mitchell and Mobley and Cleveland’s other star players down to the reserves that coach Kenny Atkinson played when he emptied the bench, the Cavaliers looked to exert dominance without compromise.

That’s what teams need to do in the playoffs.

And while the Pacers should not be overlooked, Cleveland’s success in the regular season — the Cavs won 64 games, most since they did in 2008-09 (66) — suggests this is a team that should have an Eastern Conference championship in its sights.

That would mean a likely date against the reigning champion Boston Celtics, the team Cleveland split four games with during the regular season.

Boston is one of the few teams in the NBA that can compete offensively against Cleveland; the Cavaliers posted the NBA’s top offensive rating, scoring 121 points per 100 possessions, while the Celtics ranked second (119.5).

Blowout sweeps in the first round are nice. This Cavaliers team is built to compete for far more.

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Donald Trump endorses Eagles’ ‘tush push’ play in White House visit

Sport 2 Mins Read

The Super Bowl 59 champion Philadelphia Eagles have made the ‘tush push’ play popular for casual and dedicated NFL fans alike over the last few years. Fellow NFC team Green Bay proposed a ban for the play this offseason but the NFL decided to table discussions on it until May.

Until then, the Eagles can count on support from the highest elected official in the country: President Donald Trump.

The Eagles visited the White House on Monday, as is the tradition for the Super Bowl winner every year. While speaking in front of the players and coaches, Trump voiced his support for the tush push.

‘I hope they keep that play, Coach,’ Trump said, referring to Eagles head coach Nick Sirianni. ‘They’re talking about getting rid of that play, I understand. They should keep it. … I like it. It’s sort of exciting and different.’

Trump added that he’d like the NFL to revert back to the previous kickoff format, not the one instituted in 2024.

‘We don’t like that kickoff where nobody’s moving,’ he said. ‘The ball’s in the air but nobody’s moving.’

Sirianni spoke after Trump and thanked him for his support.

‘Thank you, Mr. President, for having us here,’ Sirianni said. ‘And we also appreciate the endorsement for the tush push.’

Many of the starters from the Eagles’ Super Bowl-winning team were in attendance at the White House for the event. There was one notable absence: Super Bowl 59 MVP Jalen Hurts.

Hurts was not expected to make the trip and White House officials told USA TODAY that the Eagles quarterback did not attend because of a ‘scheduling conflict.’

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Warriors vs. Rockets: Jimmy Butler golden in chippy Game 4 win

Sport 7 Mins Read

The Golden State Warriors are not your typical No. 7 seed. Not with Steph Curry, Draymond Green and Jimmy Butler on the court and Steve Kerr coaching.

The Warriors took a 3-1 series lead against the second-seeded Houston Rockets with a 109-106 victory in Game 4 of their first-round Western Conference playoffs matchup Monday.

Butler made three free throws with 58.7 seconds remaining giving Golden State a 107-104 lead, and after Alperen Sengun cut the lead to 107-106 with a driving layup, Butler and Steph Curry missed shots.

Houston called timeout with 13.1 seconds left and ran a play that ended with a missed shot by Sengun with Green defending. Butler collected the rebound, was fouled and made both, putting the Warriors ahead 109-106. Fred VanVleet missed a potential game-tying 3-pointer to end the game.

The Warriors received a great offensive performance from Brandin Podziemski, who scored a playoff career-high 26 points, and Butler contributed 27 points, six assists and five rebounds after missing Game 3 with a left pelvic and deep gluteal muscle contusion. Butler was 12-for-12 on free throws.

Buddy Hield (15 points) and Quinten Post (13 points) helped the Warriors overcome 2-for-8 3-point shooting from Curry (17 points).

The No. 7 seed has toppled the No. 2 seed six times in the NBA playoffs and just twice since the first round moved from best-of-five to best-of-seven in 2003. It happened in 2023 when the Los Angeles Lakers beat the Memphis Grizzlies and in 2010 when the San Antonio Spurs stopped the Dallas Mavericks.

The Rockets shot better than the Warriors from the field (49.4% to 41.9%) and on 3-pointers (47.8% to 37%) but Golden State made six more 3s, and the Rockets shot just 61.3% on 31 free throw attempts.

Sengun scored a game-high 31 points and had 10 rebounds and five assists for the Rockets. VanVleet had 25 points, and teammate Amen Thompson added 17 points and nine rebounds.

Catch up on the highlights from Game 4 between the Rockets and Warriors:

Game 4 highlights: Warriors 109, Rockets 106

3Q: Warriors 82, Rockets 80

The Warriors opened the third quarter with an 18-1 run, took a 68-58 lead and headed into the fourth quarter ahead 82-80 and are 12 minutes from taking a 3-1 series lead against the Rockets.

Golden State’s Brandin Podziemski had eight of his team-high 21 points in the third quarter, and Steph Curry has 14 points for the Warriors but he is just 1-for-5 on 3-pointers. Golden State’s Quentin Post has 13 points off the bench and Buddy Hield has 12 points. Jimmy Butler, who missed Game 3 with an injury, has 13 points, five assists and three rebounds.

Alperen Sengun scored 21 points and Fred VanVleet 19 for the Rockets who are just 17-for-29 on free throws. The Warriors are 15-for-16 from the free throw line but have made four more 3-pointers than Houston.

Halftime: Rockets 57, Warriors 50

The second quarter was marred by reviews of two minor altercations that resulted in a flagrant foul one for Golden State’s Draymond Green and technical fouls for Green and Warriors star Steph Curry and Houston’s Dillon Brooks and Tari Eason.

In a physical and chippy game with combustible players, the Rockets rebounded from a slow start and 12-point deficit in the first quarter to take a 57-50 lead into halftime.

Each team has three players in double figures in points. Houston’s Fred VanVleet has a team-high 12 points followed by Brooks (11 points, five rebounds) and Alperen Sengun (10 points, six rebounds).

Golden State’s Brandin Podziemski has a game-high 13 points, Quentin Post has 12 and Curry has 10. Green and Jimmy Butler were scoreless in the second quarter for Golden State which is shooing 38.1% from the field and 36% on 3s. Houston has made 54.1% of its shots including 7-for-11 on 3s.

The Rockets have a 24-8 edge in points in the paint and have turned nine Warriors turnovers into 17 points.

Draymond Green picks up flagrant foul one, still eligible to play

Golden State’s Draymond Green was issued a flagrant foul one – and avoided his second technical foul – with 2:44 remaining in the second quarter and the Rockets leading 47-46. Houston’s Tari Eason knocked the ball away from Green and as Eason tried to collect the loose ball, Green fouled him. Both players fell to the court, and a brief tussle ensued. After another review, Green’s foul was upgraded to the flagrant foul one and Eason was given a technical foul for his actions after the foul. Had Green been given his second technical foul, he would’ve been ejected. 

Steph Curry, Draymond Green, Dillon Brooks assessed technicals after dust-up

Houston’s Dillon Brooks, and Golden State’s Draymond Green and Steph Curry were each given technical fouls after Brooks fouled Curry with 7:00 remaining in the second quarter and the scored tied at 36. After the foul, Curry held up two fingers to signify Brooks’ second foul. Brooks — not surprisingly — objected to Curry’s taunt and tried to swipe the ball from Curry who wasn’t happy with that. Nor was Green who got in Brooks’ face. After a video review, the refs issued the technical fouls.

1Q: Warriors 28, Rockets 26

Jimmy Butler retuned to the starting lineup in Game 4 after missing Game 3 with a left pelvic and deep gluteal muscle contusion, and had four points, two rebounds and one block in the first quarter, helping the Warriors to a 28-26 lead.

Brandin Podziemski led Golden State with 10 points, and Draymond Green added six points and three rebounds. Golden State shot just 34.6% from the field and 26.7% on 3s in the opening quarter.

Amen Thompson has a team-high eight points for the Rockets who closed the quarter strongly and are shooting 52.6% from the field.

Rockets starting five

  • Jalen Green
  • Amen Thompson
  • Fred VanVleet
  • Dillon Brooks
  • Alperen Sengun

Warriors starting five

Is Jimmy Butler playing?

Yes, Jimmy Butler will start Game 4.

The Golden State Warriors forward remained listed as questionable on the official injury report but will coach Steve Kerr and the Warriors made the game-time decision.

Butler missed Game 3 with a left pelvic and deep gluteal muscle contusion, an injury he sustained in the Warriors’ Game 2 loss against the second-seeded Rockets.

What time is Warriors vs. Rockets?

Game 4 between the Houston Rockets and Golden State Warriors will tip-off at 10 p.m. ET April 28 at the Chase Center in San Francisco, California.

How to watch Warriors vs. Rockets playoff game: TV, stream

  • Time: 10 p.m. ET/7 p.m. PT
  • Location: Chase Center (San Francisco, California)
  • TV: TNT
  • Stream: Sling TV, Max, YouTube TV

Watch Warriors vs. Rockets Game 4 with Sling TV

Warriors vs. Rockets NBA playoff schedule, results

Warriors lead series 2-1

  • Game 1: Warriors 95, Rockets 85
  • Game 2: Rockets 109, Warriors 94
  • Game 3: Warriors 104, Rockets 93
  • Game 4: Warriors 109, Rockets 106
  • Game 5: Warriors at Rockets | Wednesday, April 30, 7:30 p.m. ET | TNT
  • Game 6: Rockets at Warriors | Friday, May 2, TBD | TBD*
  • Game 7: Warriors at Rockets | Sunday, May 4, TBD | TBD*

*if necessary

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NBA playoffs technicals: Rockets-Warriors Game 4 had 5. What are fines?

Sport 2 Mins Read

There has been no shortage of technical fouls in these NBA playoffs, as emotions run high and players grow tired of the same opponents.

There already have been small dust-ups across multiple series — the Warriors-Rockets, Knicks-Pistons, Pacers-Bucks, Nuggets-Clippers and Lakers-Timberwolves have each seen players scrap, to varying degrees.

In particular, Monday night’s Golden State-Houston game saw multiple stoppages during which officials reviewed extracurricular activity; Rockets forward Tari Eason and guard Dillon Brooks and Warriors guard Stephen Curry and forward Draymond Green were each assessed a tech — and that was in the second quarter, alone.

In the third quarter, the Warriors were even called for a delay of game technical foul, though that one was not assessed to any player.

Here’s everything you need to know about how technical fouls work in the NBA playoffs:

How do technical fouls work in the 2025 NBA playoffs?

All technical fouls from the regular season reset at the start of the playoffs, which means that all players participating start with a clean slate. Whereas a 16th technical foul in the regular season would trigger a suspension, the number in the postseason is seven, with multiple suspensions possible with additional infractions.

Nonetheless, there are fines and additional consequences that arise from each technical foul assessed in the postseason.

The NBA, however, has the option to rescind technical fouls on review, as it does in the regular season.

What is the discipline for technical fouls in the 2025 NBA Playoffs?

  • Technical fouls Nos. 1 and 2 result in a fine of $2,000 per infraction.
  • Technical fouls Nos. 3 and 4 result in a fine of $3,000 per infraction.
  • Technical fouls Nos. 5 and 6 result in a fine of $4,000 per infraction; the NBA will send a warning letter to the offending player upon reaching his fifth technical of the playoffs.
  • Technical foul No. 7 results in a fine of $5,000 and a one-game suspension.
  • Each additional technical foul results in a fine of $5,000.
  • Each two additional technical fouls — Nos. 9, 11, 13 and so on — will trigger a suspension in addition to the $5,000 fine.
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Stagflation Looms: Why Economists Are Warning of a Rare and Painful Economic Storm

Investing 8 Mins Read

The American economy may be heading toward stagflation, an environment characterized by high inflation, slowing growth and rising unemployment, US Federal Reserve Chair Jerome Powell cautioned earlier this month.

‘Unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,’ Powell said during an April 15 appearance in Chicago.

While he was careful not to use the word ‘stagflation,’ experts have pointed out that the circumstances Powell outlined correspond with its definition, thrusting the term back into public discourse.

But what exactly is stagflation, and why is it such a concern for investors? Read on to find out.

What is stagflation?

Stagflation describes the economic scenario where inflation remains high even as economic growth slows and unemployment rises. Stagflation is a rare occurrence, and contradicts the foundational economic belief that inflation typically rises during economic booms and falls during recessions.

The term was coined by British politician Iain Macleod in 1965 and became infamous during the 1970s oil crisis, when a dramatic spike in oil prices triggered both rising costs and shrinking output across much of the global economy.

In simple terms, stagflation means you’re paying more for everything while earning less; at the same time, finding a new job, or even keeping your current one, becomes more difficult.

The misery index, created to measure such bleak periods, adds the unemployment rate to the inflation rate. During the worst of the 1970s, it exceeded 20. As of March 25, 2025, it stood at around 6.6, with inflation at 2.4 percent and unemployment at 4.2 percent. Many economists fear that number could rise quickly if current trends continue.

Why are experts sounding the alarm on stagflation?

A combination of geopolitical shocks, fragile supply chains and new economic policies — particularly a sweeping series of tariffs enacted by the Trump administration — has created a perfect storm, economists say.

The tariffs include a 10 percent universal tax on all imports, up to 25 percent duties on goods from Canada and Mexico and a staggering 245 percent tariff on imports from China. These are not minor adjustments — they are foundational changes to the pricing structure of the US consumer and business marketplace.

‘The level of the tariff increases announced so far is significantly larger than anticipated,’ Powell said in a written statement from his Chicago appearance that was published on April 16. ‘The same is likely to be true of the economic effects, which will include higher inflation and slower growth.’

In other words, the tariffs act as a supply shock: They make it more expensive to bring goods into the country, which businesses pass on to consumers through price hikes. At the same time, higher costs can lead companies to cut back on investment and hiring, slowing the economy and increasing job losses.

“The Trump White House tariff policy has certainly increased the risk of both higher inflation and lower growth,” Brett House, professor of professional practice in economics at Columbia Business School, told CNBC.

To better understand what’s at stake, economists are looking at the 1970s — a decade that was marked by an oil embargo, skyrocketing prices and stagnant economic activity.

In response, then-Fed Chair Paul Volcker aggressively hiked interest rates, with the federal funds rate peaking at nearly 21 percent in 1981. The move ultimately tamed inflation, but plunged the country into two recessions.

That painful cure became the playbook for handling runaway prices, with central banks committing to maintaining credibility and acting decisively, even at the cost of job losses.

“The Fed’s credibility in keeping inflation low and stable, won over decades, kept longer-term inflation expectations stable,” Fed Governor Adriana D. Kugler said in a recent statement.

Still, today’s economic landscape differs from the 1970s in critical ways. The US is no longer as dependent on foreign oil. And labor unions, once a powerful driver of wage spirals, now represent a smaller portion of the workforce.

However, these differences might not offer much protection. While oil prices are less of a concern today, tariff-induced uncertainty could have a similar chilling effect.

How does stagflation impact everyday life?

For most people, stagflation translates into economic whiplash.

Essentially, prices go up, wages don’t keep pace and job security becomes tenuous. According to Forbes, a rising misery index would create a whole new roster of challenges for the everyday person.

To illustrate, people will likely have to spend more to get the same quantity of food, clothes and gas. Employees’ chances of getting laid off or working fewer hours will increase. For recent college graduates, the job market could become especially brutal. For families, the cost of borrowing — whether to buy a home, finance a car or use a credit card — could rise steeply if the Fed chooses to raise interest rates to combat inflation.

Diane Swonk, chief economist at KPMG, described today’s environment as having a “whiff of stagflation,” where people feel less secure about their financial future, even if the economic statistics haven’t fully caught up to the sentiment.

Is stagflation a certainty?

Not all economists agree that stagflation is inevitable, or that it will reach the same severity as in the 1970s.

Still, concerns are growing. Michael Feroli, JPMorgan Chase & Co.’s (NYSE:JPM) chief US economist, issued a warning earlier this month, stating the bank now expects a recession in 2025.

He predicts unemployment will rise to 5.3 percent, while a core measure of inflation will reach 4.4 percent, which he described as a “stagflationary forecast.”

KPMG also projects a shallow recession, with inflation peaking at the end of the third quarter. But even a modest downturn could be painful for vulnerable workers and households already stretched thin by pandemic-era economic disruptions and the fading buffer of savings built up during that time.

What does stagflation mean for investors?

Stagflation presents a complex and often discouraging landscape for investors.

Unlike recessions, where bonds tend to do well as interest rates fall, stagflation often erodes the value of both stocks and bonds. In such periods, equities can suffer from declining corporate profits due to rising input costs, as well as weakening consumer demand, creating varied headwinds for the stock market.

At the same time, high inflation erodes the real value of future earnings, often leading to downward pressure on stock prices, particularly for growth-oriented companies whose valuations depend heavily on projected future cashflow.

Bonds, too, become vulnerable. Inflation eats into the fixed income stream provided by bonds, especially longer-term bonds. As inflation rises, the purchasing power of interest payments declines, and yields on newly issued bonds increase to compensate investors, driving down the market value of existing lower-yield bonds.

This was evident during the 1970s, the last prolonged period of US stagflation. At that time, both the S&P 500 (INDEXSP:.INX) and US treasuries experienced prolonged periods of underperformance in real terms.

Gold, on the other hand, surged in value as investors sought assets that could maintain their purchasing power amid inflation and economic uncertainty. The price of gold increased more than 1,000 percent from 1971 to 1980, reflecting its appeal as a hedge during economic stress. Commodities more broadly — such as oil, agricultural products and industrial metals — have historically performed better in stagflationary conditions.

Since commodities prices are a direct input into inflation measures, they tend to rise during inflationary periods, particularly when inflation is driven by supply shocks. For instance, in the 1970s, oil prices quadrupled following the OPEC embargo, delivering significant gains for energy producers and commodity-focused investors.

Still, it’s worth noting that no single asset or strategy is immune to the pressures of stagflation. While diversification, inflation hedging and a focus on quality assets are time-tested approaches, the unique combination of rising prices and faltering growth challenges even seasoned investors.

Investor takeaway

Stagflation is not just an economic term from the past — it may soon be a lived reality for millions and even billions.

With tariffs reshaping trade dynamics in real time, inflation hovering stubbornly above the Fed’s target and job growth showing signs of slowing, the conditions are set for a troubling period ahead.

Whether or not future policymaking can steer the economy away from this outcome remains to be seen. For now, consumers, businesses and investors alike would do well to prepare for the reality that stagflation brings — not just a historical anomaly, but a modern economic threat.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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