Missing from this logic is an appreciation of the new and powerful global forces that are bearing down on inflation. According to the International Monetary Fund’s latest outlook, the price deflator for all advanced economies should increase by just 1.5% annually, on average, from now to 2020 – not much higher than the crisis-depressed 1.1% pace of the last six years.
这一逻辑的漏洞是没有认识到正在压制通胀的强大的全球性新力量。据国际货币基金组织（IMF）的最新展望，从现在到2020年，全体发达经济体的物价平减指数平均每年只上升1.5%——比过去六年饱受危机遏制的速度1.1%高不了多少。此外，全球大部分批发物价指数仍陷在严重的通缩中。