The big deflationary spike shown in this chart caught a lot of analysts off guard. The Fed cutting interest rates to zero and pumping trillions into the financial system should be inflationary, but it seems the stimulus isn't enough. For reasons tied to the petrodollar system, falling oil prices causes deflation. We're also seeing a "scramble for dollars" as companies and central banks try to build cash reserves. I've seen a few articles about US bank branches being unable to cash checks because they literally ran out of $100 bills. There seems to be a dollar shortage shaping up. Just one more reason cash is king right now.
From Financial Times today: "the pressure is not abating, analysts said. . . . 'We underestimated how acute dollar-funding pressures would become,' added Mr Saravelos. 'We worry that fixing this dollar shortage may be more difficult than policymakers think.'"