So markets think prices are going to cool down. That’s good in and of itself, because it means we’re in less danger of the sort of expectations-driven spiral that can lead to truly devastating hyperinflation. Markets have not yet lost confidence in the Fed. But this doesn’t mean we’re out of the woods, since markets are actually pretty bad at predicting future inflation.

But fortunately, there are a number of other indicators that suggest we’re heading for disinflation. (Note: “disinflation” means that inflation is positive but lower than before, while “deflation” means prices actually go down. Deflation is an economic emergency; disinflation is what we actually want right now.)

Here is a list of indicators I’ve noticed in recent weeks that portend a lower inflation rate…