It was a little less than a year ago that we observed in
this column that the 5-year breakeven inflation rate, at 2.14%, was breaking
the Fed's way. We said as much knowing the Fed's inflation target is 2.00%.
Well, that target hasn't changed, but the breakeven inflation rate has. Today, the 5-year breakeven inflation rate, which implies
what market participants expect inflation to be in the next five years, on
average, stands...