its a matter of perspective as to where the inflation and deflation are and what the Fed is combating. Right now the Fed is combating deflation as the banks blow up a lot of leverage in the credit crisis, so they are lowing rates, pumping out cash and trying to get the people to believe that they are worried about inflation. If the public consensus is that there is inflation then they will consume assets and not hoard cash and look to borrow from their future production. All of it is to combat deflation of the total money supply.
Business is smarter and will not borrow from future production until they get the signal from the Fed that they are curbing credit and start raising rates. With the anticipation of future rates being higher business will borrow just to get at cheap money.
but if you are talking about the grand scope of things since the 70s then we are in an inflationary period.
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