Up 0.26 ppts since the war’s beginning. Using Treasury and TIPS:
Figure 1: 5 year Treasury-TIPS spread (blue), expected 5 year inflation from DKW (red), both in %. Source: Treasury via FRED, Fed.
Detail, with oil prices:
Figure 2: 5 year Treasury-TIPS spread, % (blue, left scale), price of oil, Brent, $/bbl (red). Source: Treasury via FRED, EIA.
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