Inflation priced in
The average inflation the bond market prices over the next ten years: the nominal 10-year yield minus the real one.
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How it is computed here
Computed here from the Treasury's two curves on the same day (nominal 10-year minus TIPS 10-year), rather than imported from a third-party series.
Worked example
- On 25 Sep 2026 the 10-year Treasury paid 5.17% and the 10-year inflation-protected Treasury 2.83% above inflation.
- 5.17% − 2.83% = 2.34%: the average yearly inflation that would make the two bonds pay the same.
The market's own figures, as the U.S. Treasury and the Federal Reserve Board publish them, read once a day — the same for every reader. They describe that date; nothing here says what comes next. All of them on one page ›
Where it misleads
It is a price, not a forecast: it also carries a premium for the uncertainty itself and for how easily each bond trades, so it can move without any change in what anyone expects inflation to be.