We hear that the FED is inflating. It did in 2011: QE2. It is deflating this year.
Take a look at this chart. It is the adjusted monetary base, which the FED can control, unlike the various Ms. We can see that the FED has cut the monetary base this year.
You can monitor this at any time. just type Federal Reserve charts into Google. My GaryNorth.com site will be the first hit.