BlackRock is the world’s largest asset manager and operates in 30 countries. Its global chief investment officer, Richard Turnill, says US deflation is over and his thinking is, at least in part, based on the relationship between the Institute of Supply Management’s (ISM) Prices index and the US CPI. Here’s a chart of the two since 2006: Mr Turnill thinks recent rises in forward-looking surveys such as ISM’s Prices Index...