The Treasury market’s 10-year inflation forecast slipped last week, and more of the same looks likely for today. The yield spread between the conventional and inflation-indexed 10-year Treasuries dropped to 1.71% on Friday, down 10 basis points from the week before and well below late-April’s 2.45%–the previous peak. The debate about deflation—is the risk rising?—is likely to be front and center this week. That’s likely to fuel more buying in Treasuries.