Another thing to consider is that the newly-created HBD inside @hive.fund is not in immediate circulation at all. It can only enter circulation by affirmative vote of Hive stakeholders. Historically stakeholders have been conservative in what they are willing to approve, rarely if ever using the entire budget (apart from @hbdstabilizer, which is a bit of a special case since it effectively returns the same or more than it receives).

The HBD inside @hive.fund is not counted toward the "debt ratio" and haircut rules for this reason. In the event that the system becomes stressed, stakeholders have the option to stop spending HBD out of @hive.fund (or if they do spend, then it will start to be included in those calculations).

Anyway, my point here is that growing @hive.fund by transferring to it is also a form of deflation. Not quite the same as removing tokens from the entire supply altogether, but also not the same as tokens that can freely circulate.