Deflation on the prowl as Bernanke shuts down his printing press - Telegraph

Interest rates continue to creep higher - the Treasury 10-year is now at 4.0%. Are the bond "vigilantes" right, and are raising rates anticipating higher inflation?

Or, is this a buying opportunity for yield buyers, with deflationary pressures building?

I think the latter, and so apparently does Ambrose Evans-Pritchard of the London Telegraph.

(By the way, I found this chart off the internet; it does not come from the article).

Deflation on the prowl as Bernanke shuts down his printing press - Telegraph