Measures of inflation expectations have returned to levels of a few years ago, when inflation was consistent with, or even below, inflation targets (Graph 9). In other words, they don't point to inflation over the coming years sitting above central bank targets in a sustainable way.
The increase in nominal yields has been smaller than the increase in expected inflation, which implies that real yields have declined (Graph 10). This is beneficial because it means that monetary policy is more stimulatory than otherwise.