Today, China is creating complications for the Fed again. Its surprise move to devalue the Yuan will have a profound effect on the global economy. Deflationary pressures will be exported to countries who import Chinese goods, which in turn will affect monetary policy decisions in those countries. The U.S. economy and the Fed are not immune to these forces, and deflationary pressures could give the Fed pause as it moves toward lifting interest rates off zero. It all feels a little too familiar, and, without care, the Fed could fall into the Greenspan Trap—again.