What Fears About IInflation?

Mark Thoma takes time off from attending Oregon's graduation to send us to Jim Hamilton:

Economist's View: "It's Not Fears About Inflation": What should fiscal and monetary policymakers be worried about, inflation or economic growth? Jim Hamilton:

There's a common thread to all the above figures, and it's not fears about inflation. Instead it's worries about the level of real economic activity, showing up in a flight to safety.

The market is worried about...