I've heard the deflationary velocity argument.
The Fed's can't even keep their messaging straight: treasury said inflation was being caused by the unquaxed, while Jen said it was b/c people were buying more items.
Certain goods are under different pressures, mainly oil, energy, food, land in certain markets. Some of it manufactured like the TP shortage operation invoked by 4th estaters to test their marketing power.
What money moves would the deflationary model want to make.