Core US inflation is rising and now exceeds 2 per cent.

The 10-year inflation break-even — the rate of inflation at which inflation-linked and fixed income bonds would pay the same, and hence the implicit forecast rate of inflation — is rising.

It is the highest in four years, close to 2.2 per cent; low in historical terms, but above the Fed’s target.

FT 21 April 2018

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