Survey measures of near-term inflation expectations, including those based on interviews of professional forecasters, individual consumers, and firm managers, have in some cases ticked up slightly in recent months, though long-term inflation expectations appear stable.
The spread between the yields on Treasury debt and inflation-indexed Treasury securities of similar maturity, known as the breakeven inflation rate and conventionally treated as an indicator of expected inflation, has also risen. From a policy perspective, a difficulty with all these measures is that they reflect expectations of headline inflation rather than the core inflation measures usually emphasized in the monetary policy context.