Interest Rates · Real yields and inflation expectations
The 10-year Treasury yield minus the 10-year TIPS yield: the inflation rate the bond market is pricing over the next ten years.
| Year | Average | Year close |
|---|---|---|
| 2003 | 1.96% | 2.27% |
| 2004 | 2.44% | 2.56% |
| 2005 | 2.47% | 2.33% |
| 2006 | 2.48% | 2.30% |
| 2007 | 2.35% | 2.31% |
| 2008 | 1.89% | 0.11% |
| 2009 | 1.61% | 2.37% |
| 2010 | 2.06% | 2.30% |
| 2011 | 2.23% | 1.96% |
| 2012 | 2.28% | 2.45% |
| 2013 | 2.28% | 2.24% |
| 2014 | 2.10% | 1.68% |
Source: FRED T10YIE (10-Year Breakeven Inflation Rate). Federal Reserve Bank of St. Louis.
Gray bands mark U.S. recessions as dated by the NBER (FRED USREC).
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