It’s a word that keeps Federal Reserve Board chairman Alan Greenspan on edge: deflation. In a talk with economists in Washington this month, Greenspan worried that deflation, a decline in prices, is the greatest danger the U.S. economy faces.

Some economists worry that the prolonged period of low interest rates the Fed has allowed in recent years has raised the risk of deflation. But Greenspan insisted that he’s confident the risk of the economy going into a deflationary cycle remains low.

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