Breakevens echo US government's deflation fears

Implied inflation rates, derived from the prices of Treasury inflation-protected securities (Tips), have risen recently but are still low by historical standards: the one-year implied rate is -1.16%, down from a recent high on March 19 of -0.05%. The two-year rate has risen to -0.19% and the five-year rate has reached 0.94%, having been above zero since January 28.

In a statement released on April 30, the FOMC said: "In light of increasing economic slack here and abroad, the Committee expects

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