Without wanting to sound like a broken record ...

Stagflation is an outcome that is typically realised when structural supply side changes occur at point when the economy is running at full capacity ... and when that happens typically bonds stop hedging stocks ... and currencies become more volatile ... the lessons of the past suggest that when this happens you are better off if you actively try to diversify your fx risk and also look for additional sources of uncorrelated returns in real assets that have some ability to capture the step change that occurs in the price level and nominal GDP...CRE is certainly one option...