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America’s jobs market is in good shape. But will the broader economy start to slow later this year due to surging prices of oil and other commodities?

There are some concerns about the possibility of stagflation, the combination of slowing growth and rampant inflation.

“The risk of stagflation has risen due to disruption in oil supplies,” said Jimmy Chang, chief investment officer at the Rockefeller Global Family Office.” People are becoming more concerned, and if they are not they should be.”

Chang said that investors are craving “steady Eddie” investments. Hence, bond yields are falling as investors buy more safe haven US Treasuries. Gold is up too, along with other precious metals. But bitcoin prices are falling. (So much for crypto being digital gold.)

Still, some argue that stagflation is more of a worry for Europe than it is the United States. That’s in large part due to the fact that the US economy and American consumers are not as dependent on oil (and Russian crude in particular) as the EU. So the Federal Reserve is still likely to raise rates later this month.

“The US economy has more room to run. The Fed can keep tightening before more damage is created,” said Tom Graff, head of fixed income at Brown Advisory. “Stagflation in the US is not a worry but there could be a much bigger energy shock in Europe. So stagflation is a concern there.”