Wonderful thing, springtime. Investors are now convinced the wintry spectre of the Great Depression is banished. Recovery is in the air, the only question being whether it will be fast and furious or slow and bumpy.

I am not about to add to the weight of speculation on that. But a related aspect bears thinking about. Where are we now in the inflation/deflation debate? And, in the absence of clarity, what should investors do about it?