Now, there's a difference between deceleration in prices, and a decline in prices.
There's a difference in controlling inflation, and inducing deflation.
The Fed's job is price stability. Does price stability mean getting inflation back to their target level (of 2%)? Or does it mean returning prices back to trend, which would mean a period of deflation?
Regardless of the Fed's intent, their are some that think a swing back to the deflationary era is coming. Among those that share the viewpoint: Elon Musk and Cathy Wood.
The Fed has told us explicitly that they are doing whatever it takes to get inflation back down to their target of 2% (inflation is their goal, just much lower inflation).
With this next chart in mind, it seems implausible that deflation could return anytime soon.