US inflation expectations have jumped sharply in the past two weeks as investors bet that the Federal Reserve’s efforts to boost the economy by pumping in more money will succeed.
Fears over the prospect of a Japan-style “lost decade” of deflation and weak growth have prompted the Fed to show it is prepared to pursue an aggressive bond-buying policy and tolerate higher than normal inflation in the short term.
Ben Bernanke, Fed chairman, reiterated on Friday that the current underlying inflation level of 1 per cent was too low. Policymakers judge a rate of 2 per cent as being consistent with generating price stability and a growing economy.
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