According to CNBC, J.P. Morgan's James Sullivan said oil staying above $100 a barrel for an extended period could signal the start of stagflation, even if economic growth does not slow sharply. Speaking on CNBC's "Squawk Box Asia," the managing director and co-head of global fundamental research said reasonable growth alongside higher inflation is reviving stagflation concerns for the first time since the 1970s. He also said record issuance in the AI industry and record-level government deficits are likely to affect pricing, especially if demand weakens, and noted that more long-term investors are turning to corporate debt rather than government debt because of a supply-demand mismatch. Sullivan added that El Niño and the Middle East conflict are weighing on the global outlook, while food and energy prices have risen and core inflation remains sticky in the near term.