OMG! DEFLATION!

OK, not really. Reuters reports that the Consumer Price Index fell 0.1% in June, but "Core CPI" still went up by 0.1%.

Keep that up for another month or two, and whoever's running as a Democrat for president by September will be claiming that Biden's policies "whipped inflation" (while the Trump campaign claims that the prospect of his return to the White House is "restoring consumer confidence").

But if CPI is still falling by the end of the year, we'll definitely see hand-wringing about deflation.