On @NewDay, Stephen Moore - who suggested low interest rates were going to result in hyperinflation during the financial crisis - claimed that the Fed must keep rates low today, during a “boom,” because we’re experiencing “deflation.” I have...no idea what he’s talking about.
Deflation means prices are going *down.* They are not. Inflation is modest, but it is not negative by any measure. Here’s core PCE (Fed’s preferred inflation measure), % change year-over-year. 
Here’s the consumer price index, both overall and excluding food/energy
As you can see there *was* a period when we had deflation, at least according to headline CPI. It was during the financial crisis. Here's what Stephen Moore said at the time. foxnews.com/story/glenn-be…
