"When asked what presents a bigger risk over the next year, 23 economists said accelerating inflation and 23 said slowing inflation. That mirrors a divide inside the Federal Reserve. At their March policy meeting, some officials argued the downturn in house prices is causing key measures to understate prices increases; others focused on the decline in inflation measures that exclude food and energy."
Wall Street Journal 4/15/2010
Their fear of economic slowing will lead them to take actions that will cause substantial inflation, per our previous discussion.