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Financial media fixated on threat of deflation

Originally published on Reno Gazette Journal ‘s website, http://www.rgj.com/story/money/business/2015/02/06/financial-media-fixated-threat-deflation/23010819/

As a financial markets economist, my job is to survey the economic landscape and identify trends and issues that might have a significant impact on economic activity (and then to worry about what those trends and issues mean for client portfolios). Normally, over the intermediate time horizon, such economic trends manifest themselves in financial asset prices. But that is not true in the daily price gyrations on Wall Street, and it definitely wasn’ t true in January.

In fact, from its all-time closing high on December

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