We study the relationship between least and inflationary fixed-point logic. In 1986, Gurevich and Shelah proved that in the restriction to finite structures, the two logics have the same expressive power. On infinite structures however, the question whether there is a formula in IFP not equivalent to any LFP-formula was left open. In this paper, we answer the question negatively, i.e. we show that the two logics are equally expressive on arbitrary structures. We give a syntactic translation of IFP-formulae to LFP-formulae such that the two formulae are equivalent on all structures. As a consequence of the proof we establish a close correspondence between the LFP-alternation hierarchy and the IFP-nesting depth hierarchy. We also show that the alternation hierarchy for IFP collapses to the first level, i.e. the complement of any inflationary fixed point is itself an inflationary fixed point.