then what is the real inflation? so little to ignore?and is it so little during the depreciation of dollar? anyway, the key is "how worse will it be?". Fed says Dun know, long position says data shows no recession, short position says it will be worse according to experience. but for stock market, where it goes is more up to who can push the emotions before there is any convincing data surfaced, which usually shows up very late! for me, i still remain speculative, as many others.