It is generally held that Carnap’s “Empiricism, Semantics and Ontology” presents a deflationary challenge to ontological realism. The source of the challenge is often thought to be Carnap’s notion of linguistic frameworks and the associated internal vs external questions. I argue that Carnap’s doctrine of analyticity also presents a deflationary challenge; one that is independent of that posed by the internal/external distinction. I explore the differences between these two types of deflation, and suggest that disambiguating between them has important implications for the contemporary debate in metaontology.