Deflation Is the Voldemort of the Coronavirus Era

The economic contraction wrought by efforts to contain the coronavirus is shredding inflation. Now deflation, a prolonged period of falling prices, is stalking the globe. The collapsing oil market is both a symptom of weaker demand and cause for a deepening slump.

Huge levels of stimulus are likely to be required long after the pandemic subsides. Yet concerns about prices moving up — or even down, for that matter — are starting to feel like an afterthought.