Otherwise, he said, the markets, fearing inflation, will push up interest rates themselves and force the economy into a recession, perhaps before the election.

But it remains clear that bond investors really don't fear inflation.

In 1980, it was credit controls imposed by a Government fearing inflation.

Fearing inflation, they could demand higher interest rates, the opposite of what the Fed wants to accomplish.

Higher silver prices also encouraged some buying, as traders feared possible inflation ahead.

To a generation raised to fear inflation, the opposite - prices falling across the economy - has a certain attraction.

Fearing inflation, Japan had been reluctant to spur economic growth.

One group does not appear to fear inflation and sees economic activity under control.

Nearly as many said they feared new inflation and unemployment.

Fearing inflation, traders will drive rates higher - the opposite of what the Fed would be trying to accomplish.