From recent data, it looks like US is heading into stagflation?

There will be no growth but still high commodity prices.

Our portfolio should be adjusted accordingly: there should be much less high risk/high P/E growth stocks in it.

Own more commodities (oil/food), only own stocks with high/safe dividend that not rely on economy growth (for example: health care and tobacco), own T-bill and TIP, own Gold/Silver.

Stocks that are risky, no earning, high debts, rely on government's policy(for example: offshore driller and education stocks), can not pass price to consumer, related to US housing, etc. need to be removed.