CHICAGO -- The Morningstar Investment Conference got under way Thursday, and the initial talk among the panelists was about warmongering. But while Iraq and terrorism were mentioned, the real war the fund managers and economists are supporting is the one against deflation.Taking the lead charge, of course, is the Federal Reserve. "They won't say so in plain English, but the Fed wants a higher inflation rate," said Paul McCulley, managing director and portfolio manager at the bond powerhouse Pimco. "The Fed will not tighten monetary supply until we can observe a visible reinflation environment." But while the panelists agree that President Bush and the Federal Reserve will succeed in their pull-out-all-stops push to pump up the economy -- indeed, they counseled investors to plan for an environment with higher inflation -- some expressed concern about the economy's long-term health.