Is there any way to trade (gulp!) deflation?

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Strategists around Wall Street are beginning to worry about what was once unthinkable when the Federal Reserve embarked on its post-crisis balance sheet expansion: deflation.

The collapse in oil prices and strong dollar are seeping into more and more parts of the economy, cutting prices for goods and keeping wages stagnant.

Investors have little history to go on and not many Wall Street recommendations in the face of the deflationary beast. But some are giving it a shot anyway…