Prices of Treasury Inflation-Protected Securities (TIPS) with similar maturity dates can be used to measure probabilities of a net decline in the consumer price index over the five-year period starting in early 2011 or the five-year period starting in early 2012. One measure of the probability of deflation for the 2012-17 period was 0 percent on February 13, down from 3 percent on February 6. The 2011-2016 deflation probability was 3 percent
on February 13, down from 4 percent on February 6.
Original Post: http://www.frbatlanta.org/research/inflationproject/dp/