There was a wee bit of good -- or should I say "less bad" -- news in today's FOMC minutes. You can read about it elsewhere.
Here's the section that caught my eye:
"Nonetheless, most participants anticipated that slack in both labor and product markets would be substantial over the next few years, leading to subdued and potentially declining wage and price inflation."
"Substantial" slack in both labor and product markets over the next few years, leading to "subdued" and "potentially declining wage and price inflation" (read: deflation?).
