I agree someone else posted this so credit to them inflation>stagflation>deflation We are moving through into phase 2 stagflation....once economy really starts to shut up shop then deflation...if that is the case FED doesn't even need to bother moving i-rates.
We are having deflation and stagflation. Deflation is already here in the financial markets with a tight liquidity situation, depreciating assets. But commodities inflation. It is a double edged sword.