To see this distinction another way, consider a scenario in which inflation uncertainty increased but inflation expectations  3  For additional background, see Gürkaynak, Sack, and Wright (2008). They discuss the decomposition of inflation compensation into these distinct components and argue that far-forward rates of inflation compensation are too volatile to be pure measures of long-run inflation expectations.
BIS Review 26/2008  5  did not. In that case, the midpoint of inflation expectations would remain the same, but the range around the midpoint would increase. Turning specifically to the recent experience, consider the sequence of one-year-forward rates of inflation compensation – that is, decompose ten-year inflation compensation into a sequence of one-year-forward rates.