Good Deflation

(1) Deflation paranoia at the central banks. (2) Yellen says tightening will be very gradual because Fed running out of tools to avoid recession. (3) Eurozone and Japan remain closer to deflation than US despite ongoing easing. (4) China is number-one candidate for classic debt-deflation trap. (5) Lots of good deflation in consumer durables around the world. (6) Services continue to inflate. (7) Health care and rents explain gap between higher CPI and lower PCED inflation rates. (8) Why hasn’t massive yen devaluation worked? (9) ECB can’t seem to prime lending pump. (10) The paradox of refinancing debt at lower rates.