Money Manager Lord Abbett slices and dices the inflation story in their May commentary. Concern about inflation these days seems to travel along two separate avenues. On the more technical side are the worries over recent food and fuel price spikes and the objections to Washington's practice of excluding such price moves from its analysis and policy decisions. The second, very different concern takes a much longer-term view and worries that federal budget deficits and the liquidity poured on markets during the past two years or so by the Federal Reserve will cause considerable inflationary pressure in 2012 and beyond.