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 declined from 11 percent on November 21 to 9 percent on November 28. Somewhat unusually, the 2011-16 deflation probability moved in the opposite direction–it increased from 9 percent on November 21 to 11 percent on November 28.