Inflation / Deflation

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 style=" border-bottom: 3px solid #FF9900;" BGCOLOR="#006600" TEXT="#F7F7FF" bgproperties="fixed" background="7ce005521dwnpjk.jpg"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B>InvestmentTools.com</B></FONT><FONT SIZE="2" COLOR="#000000" FACE="Arial" >  <style type="text/css">  </style> </FONT><FONT SIZE="2" COLOR="#CCCC99" FACE="Arial" > </FONT> |     <A HREF="https://investmenttools.com/" TARGET="_top" TITLE="https://investmenttools.com/">home</A></div> <div> <A HREF="https://investmenttools.com/the_home_of_investmenttools__the_com_tock_letter_and_tradingtools.htm" TARGET="_top" TITLE="https://investmenttools.com/the_home_"><B>About</B></A><B>   </B><A HREF="https://investmenttools.com/equities" TARGET="_top" TITLE="https://investmenttools.com/equities"><B>Equities</B></A><B>   </B><A HREF="https://investmenttools.com/futures" 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Deflation</B></div> <bR> <bR> <bR> <div> <TABLE BORDER="2" CELLPADDING="2" CELLSPACING="1" WIDTH="451" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="ROWS" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="328"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="328" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="5"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="5" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP><NOBR><div> <A HREF="#notes___links" TITLE="Inflation / Deflation"><FONT COLOR="#0033FF"><B>Notes & Links</B></FONT></A></div> </NOBR></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 19 WIDTH="328"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="328" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP WIDTH="5"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="19" ALIGN="bottom" WIDTH="5" HSPACE="0" VSPACE="0"></tD> <tD VALIGN=TOP BGCOLOR=#DDDDDD><NOBR><div> <A HREF="index.htm" TARGET="_top" TITLE="The State"><FONT COLOR="#003399"><B><IMG BORDER="0" SRC="Symb075c00b700c899330000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">More State</B></FONT></A></div> </NOBR></tD> </tR> </TABLE></div> <bR> <div> <TABLE BORDER="0" CELLPADDING="2" CELLSPACING="1" WIDTH="591" BORDERCOLORLIGHT="#C0C0C0" BORDERCOLORDARK="#808080" FRAME="VOID" RULES="NONE" HSPACE="0" VSPACE="0" > <tR> <tD VALIGN=TOP HEIGHT= 36 WIDTH="562"><div> <B>Business Sector: Implicit Price Deflator, Index 1992=100, Quarterly, Seasonally Adjusted.                             Annual Rate of Change</B></div> </tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="36" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 256 WIDTH="562"> <IMG SRC="https://research.stlouisfed.org/fredgraph.png?g=jtp" border=0 ALIGN="BOTTOM" HSPACE="0" VSPACE="0"> </tD> <tD VALIGN=TOP WIDTH="18"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="256" ALIGN="bottom" WIDTH="18" HSPACE="0" VSPACE="0"></tD> </tR> <tR> <tD VALIGN=TOP HEIGHT= 134 WIDTH="562"><div> <B><IMG BORDER="0" SRC="Wing0a7300a800f00099ff00.png" HEIGHT="16" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">Notes & Links</B></div> <bR> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">09/09/04 <FONT SIZE="2" COLOR="#0033FF" FACE="Courier New" >Fed's Bernanke optimistic zero bound wouldn't bind</FONT></div> <div> The U.S. central bank would likely meet with success if it had to battle deflation with overnight interest rates already at zero,</div> <div> <IMG BORDER="0" SRC="Symb075c00b700c800000000.png" HEIGHT="13" WIDTH="24" ALIGN="bottom" HSPACE="0" VSPACE="0">12/17/03 WSJ(12/17)  Core Inflation Is Lowest In Forty Years</div> <bR> </tD> <tD VALIGN=TOP WIDTH="18"><div> <B> <A NAME="notes___links"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></B></div> </tD> </tR> </TABLE></div> <bR> <bR> <div>   <script 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