BEHIND the spate of market turmoil lurks a worry that top policy makers thought they had beaten back a few years ago: the spectre of deflation.
A general fall in consumer prices emerged as a big concern after the 2008 financial crisis because it summoned memories of deep and lingering downturns like the Great Depression and two decades of lost growth in Japan. The world’s central banks in recent years have used a variety of easy-money policies to fight its debilitating effects.
