Probabilities are zero for values above 2.75 percent. Source: CME Group; Federal Reserve staff estimates. Figure 5. Market- and Survey-Based Measures of Longer-Run Inflation Expectations  Note: Estimates based on smoothed nominal and inflation-indexed Treasury yield curves. Michigan survey expectations represent median responses. TIPS is Treasury Inflation-Protected Securities; CPI is consumer price index.
More fundamental economic forces have apparently been at work.