After Americans lost nearly 18% of their combined wealth

After Americans lost nearly 18% of their combined wealth in 2008, the odds of inflation are negligible, BofA-Merrill's Drew Matus says. But the odds of deflation are much higher. "Consumer deleveraging and wealth destruction both point toward heightened deflationary pressures," he writes. "History suggests a strong correlation between falling wealth and rising savings and the 18% drop in net worth should add to the deflationary trends."