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Is inflation going to stage a comeback?

A resurgence may strike investors as unlikely now—but so did the retreat that started in the 1980s

Dominic Lipinski/PA Archive

Before the coronavirus crisis, an upsurge in inflation appeared an increasingly remote threat. Now it looks even less menacing as output has collapsed in the wake of the pandemic. But the immediate impact of an economic shock does not necessarily tell the full story. Further ahead, inflation could arise from its deathbed and punish investors who have come to take its quiescence for granted.

As economies continue to struggle in the wake of the shutdown, the short-term outlook is for even lower inflation. In…

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