(July 31): Inflation, or more precisely the lack of it, has become a major point of contention for monetary policy makers and those seeking to understand where asset markets are heading. In general, this year has seen lower-than-expected inflation in developed economies. As a result, central banks in the US and Europe face a conundrum: Their economies have recovered from the ravages of the global financial crisis and subsequent aftershocks, such as the eurozone sovereign debt crises, but inflation data is not signalling a need to raise interest rates.

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