Last year, the “breakeven” rate at which US 10-year inflation-linked bonds (known as Tips) would offer the same return as fixed-income treasuries dipped below 0.1 per cent. This implied there would be virtually no inflation at all, on average, over the next decade. Breakeven rates also implied there would be outright deflation over the next five years. Nothing like this had happened since the Depression of the early 1930s.
去年，使美国10年期通胀挂钩债券与固定收益国债回报率相同的“盈亏平衡”利率跌破了0.1%。这意味着，在未来十年内，平均而言将几乎没有任何通货膨胀。盈亏平衡利率还暗示，未来五年将是彻底的通货紧缩。自1930年代初的大萧条以来，这样的情形从没有发生过。
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