An absence of significant economic slowdown doesn't mean no signs of stagflation risks. Here's why

Keep watch for signs of stagflation, even if there isn't a significant slowdown in the economy, according to J.P. Morgan. If oil stays above $100 a barrel over an extended period of time, it risks marking the start of a stagflation period, though economic growth may not necessarily slow down significantly, said James Sullivan, managing director and co-head of global fundamental research at J.P. Morgan, on CNBC's " Squawk Box Asia ." "Reasonable levels of economic growth with higher levels of inflation start to trigger this stagflation conversation for the first time really since the 70s," he added.