A key measure of the bond market’s expectations for inflation over the next five years — known as a break even — rose to a new high, briefly topping 3 percent on Friday. That meant investors expected inflation to average about 3 percent a year for the next five years, far higher than any time in the decade before the pandemic hit. Measures of inflation expectations over longer periods, such as over the next 10 years, also rose to multiyear highs.
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