The Treasury market’s inflation forecast is slipping… again. If the descent rolls on, it’ll be a dark sign of things to come, just as it has been in the post-crisis mire of recent years. The battle isn’t lost yet, but the forces of inflation and deflation are clearly locked in a new round of conflict. For the moment, it’s unclear which side will win if we’re looking solely at the yield spread between the nominal less inflation-indexed 10-year Treasuries. But in a world once again flush with deflationary instincts, confidence is low that that defenders of prices can hold the line.