…in a deflation. Lots of people over the last few years have been debating whether inflation or deflation is here, or in the offing, or whatever. It’s odd that such a thing can be in question. Empirically speaking, they are basically the opposite set of monetary conditions. Inflation and deflation shouldn’t resemble each other in the slightest.
It all looks like deflation or disinflation to me, not that I’m all that committed or or even interested at this point. But there are signs that I have some company.