An anti-goldilocks economy refers to a situation where inflation is too high and economic growth is too low, an unfavorable combination for economic stability. The term was introduced in March 2022 by Joachim Fels and Andrew Balls of Pimco, in their analysis of the economic impact of the war in Ukraine. They described how this situation could lead to stagflation, with the global economy facing higher prices and lower growth due to disruptions in energy prices, supply chains, tighter financial conditions and declining confidence.