By David Randall NEW YORK (Reuters) – Phil Orlando has not heard this many people mentioning stagflation since he was a financial journalist in the late 1970s, when oil prices were soaring and inflation stood at more than double its current level. Now the chief equity market strategist at Federated Hermes, Orlando says stagflation is poised to make a comeback and is piling into shares of companies that can thrive during periods of high inflation and slower economic growth. “The surge in inflation is not proving to be transitory like the Fed and Biden administration have been telling us,” he sa…