Inflation, Not Deflation, Mr. Bernanke

"In the wake of a barrage of bad economic data, the yield on two-year U.S. treasury notes has tumbled to 0.5 percent and the 10-year note to 2.8 percent, almost reaching the levels after Lehman’s collapse. Pundits in the U.S. and other Western countries are talking about deflation again. The decline in CPI for the past three months gives this view ammunition. "