Keystone's indicator has slipped into disinflation.
CRB/10-yr price = 317.74/106.6406 = 2.98
Over 4 = Inflation
Between 3 and 4 = Inflationists and Deflationists fight it out
Between 2.9 and 3.0 = Disinflation
Under 2.90 = Deflation
The indicator peaked at 3.6 a couple months ago. Inflation was transitory just as Chairman Bernanke said it was. We have now slipped into Disinflation. Deflation is not far away. Bernanke will act with QE3 as we slip into Deflation, but this is most likely a few weeks, or months, away.
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