History suggests deflation is unavoidable in the near term, regardless of central banks' attempts to forestall it. Some companies will falter, but others are positioned to survive or even thrive.
Company chiefs need to be able to answer the following questions: In the face of a brewing mess that may be played out in public, when should crisis management begin, and to whom should they turn to handle corporate calamities?
In a hazy future, what seems clear is that investors may need to say goodbye to the low-volatility FX environment, with hedging throughout 2020 likely to be expensive.