, Columnist
Deflation Is the Voldemort of the Coronavirus Era
It's odd that central bankers aren’t talking much about price movement, in either direction.
He who shall not be named.
Photographer: E. Charbonneau/WireImage via Getty Images
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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.