A growth scare in the economy has accompanied worries over a resurgence in inflation, in turn potentially rekindling an ugly condition that the U.S. has not seen in 50 years.

That dual threat of higher prices and slower growth is causing angst among consumers, business leaders and policymakers, not to mention investors who have been dumping stocks and scooping up bonds lately.

“Directionally, it is stagflation,” said Mark Zandi, chief economist at Moody’s Analytics. “It’s higher inflation and weaker economic growth that is the result of policy — tariff policy and immigration policy.”

The phenomenon, not seen since the dark days of hyperinflation and sagging growth in the 1970s and early ’80s, has primarily manifested itself lately in “soft” data such as sentiment surveys and supply manager indexes.

At least among consumers, long-run inflation expectations are at their highest level in almost 30 years while general sentiment is seeing multi-year lows. Consumer spending fell in January by its most in nearly four years, even though income rose sharply, according to a Commerce Department report Friday.