5  inflation measure used to proxy for longer-term inflation expectations relative to medium-term expectations. In contrast, the median response in May to the University of Michigan Survey of Consumers regarding inflation over the next 5 to 10 years moved up to a level last reached in 2013.
Finally, there has been an increase in measures of long-term inflation expectations derived from financial market indicators. While these indicators should be interpreted with caution, the recent upward trend calls for particular vigilance. Moving on to the monetary analysis, we have seen increasing evidence of a normalisation of the portfolio behaviour of private investors.