The world is implementing expansionary fiscal and monetary policies in an unprecedented manner. Is this dangerous? Is the world in persistent deflation?

The world is now implement ing expansionary fiscal policies and expansionary monetary policies. This choice will prove to be dangerous if inflation and real interest rates rise again in the future. This will happen if the world is in persistent deflation. Can we then see signs of persistent deflation in the global economy? We can think of: Limited structural needs for investments since the world is becoming a service economy; An increase in private sector savings. If the world has an enduring deflationary trend, which seems to be the case, it is not abnormal that both monetary and fiscal policies are expansionary.