Deficit hawks pay attention.

From a NYT article on the drop of consumer prices in May while the CPI increased only modestly (0.1%):

David Semmens, a United States economist for Standard Chartered Bank. “Inflation is definitely not a concern in the short or medium term.”

If printing all this money (borrowing to spend) was supposed to create upward pressure on prices, as the deficit hawks have complained about, we're not seeing it at all.