According to the GDP deflator, a broad index of prices, deflation tightened its grip on the economy in the fourth quarter, with prices falling at an annual rate of 4.4% (see chart).

ECONOMIST: A renewed force in Asia

Thursday's action coming on the final trading day of the first quarter was a small-scale model of the broad debate currently dominating financial markets.

WSJ: S&P Record Is a Show of Faith in Fed