10Y Breakeven Inflation
Market-implied inflation expectation — above 3% signals markets pricing a soft default via inflation.
2.3%
Trend YoY growth is -0.2%, slowing by 1 bps/month over the last 5Y. Deviations have remained above trend for 251 consecutive periods. Latest: +0.1%, 40 bps above trend, a 1.2σ deviation.
Level
YoY Change
y = 0.5% − 1 bps/mo · t
Deviation from trend
Forecast
Rolling 1Y trend forecast
| Forecast made in | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 | Aug '26 | Sep '26 | Oct '26 | Nov '26 | Dec '26 | Jan '27 | Feb '27 | Mar '27 | Apr '27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| May '25 | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% |
| Jun '25 | +0.0% | +0.0% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.3% | |
| Jul '25 | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.4% | +0.4% | +0.4% | ||
| Aug '25 | +0.1% | +0.1% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.4% | +0.4% | +0.4% | +0.4% | +0.4% | +0.5% | +0.5% | +0.5% | +0.5% | |||
| Sep '25 | +0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.4% | +0.4% | +0.4% | +0.4% | +0.4% | +0.5% | +0.5% | +0.5% | +0.5% | +0.6% | +0.6% | ||||
| Oct '25 | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.3% | +0.4% | +0.4% | +0.4% | +0.4% | +0.4% | +0.4% | +0.5% | |||||
| Nov '25 | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | +0.2% | ||||||
| Dec '25 | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | +0.1% | |||||||
| Jan '26 | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | ||||||||
| Feb '26 | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | -0.1% | -0.1% | -0.1% | |||||||||
| Mar '26 | +0.0% | +0.0% | +0.0% | +0.0% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | ||||||||||
| Apr '26 | +0.0% | +0.0% | +0.0% | +0.0% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% | -0.1% |