Bond investors pushed a key measure of US inflation expectations yesterday to its highest level since 2006, in response to last week’s aggressive policy action by the Federal Reserve.
Market expectations for US inflation over the next 10 years rose as high as 2.73 per cent, based on the difference, or the so-called “break-even rate”, between nominal and inflation-protected Treasury debt.
That represents the highest intraday break-even rate since May 2006 and near the all-time closing peak of 2.78 per cent from March 2005.
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