As I watch the news feeds this week and today in particular, all I see are comments about how high inflation is in the U.S. and how concerned the Fed is about it. I have to ask "what inflation?" Are we talking about energy inflation, core inflation, CPI, PPI... etc? I bring this up because it seems that every time traders get really myopic about one measure or another, they are setting themselves up for disruption. I think this is important right now when it seems like the inflation threat is being overblown. Historical numbers and market estimates just don't seem to justify the amount of news coverage.