[88913527]

Disappointment in the permanent increases in prices. All else equal, people want deflation after a period of elevated inflation levels.

[jhickok]

This is definitely part of it. People need to adjust to a new price reality, and while they think they want deflation they certainly do not want what a deflationary period entails is happening in the economy.

[matwood]

The Fed will fight across the board deflation like crazy because that's how the economy ends up in a depression.

[88913527]

We did have high inflation for a year, and were told it was temporary, before tools were deployed. Would a sustained period of deflation be met with a similarly lagged response?