至關(guān)重要的術(shù)語：#breakeven inflation rate#

　　Ten-year inflation “breakevens”, the difference in annual yields between consumer-price-inflation-protected bonds and the normal sort, recently crossed 2%. However, this is probably still lower than the Federal Reserve would like, both because the measure of inflation to which its 2% target applies usually lags behind the consumer-price index, and because it wants to overshoot its target to make up for lost ground超額完成目標(biāo)以收復(fù)失地. For now that lost ground is growing. Today’s CPI data for December are likely to show paltry可忽略不計(jì)的;微小的;微不足道的;無價(jià)值的 annual price rises of about 1.3%.

　　The breakeven inflation rate通脹盈虧平衡點(diǎn) represents a measure of expected inflation derived from 10-Year Treasury Constant Maturity Securities (BC_10YEAR) and 10-Year Treasury Inflation-Indexed Constant Maturity Securities (TC_10YEAR). The latest value implies what market participants expect inflation to be in the next 10 years, on average.

　　通脹預(yù)期=國債收益率- TIPS收益率。 例如,如果五年國債收益率為3%,五年TIPS收益率為1%,那么未來5年通脹預(yù)期每年約2%。 這種差值常常被稱為“breakeven” inflation rate。

　　美國統(tǒng)計(jì)數(shù)據(jù)中，有一個(gè)數(shù)據(jù)叫做“盈虧平衡通脹率(Breakeven Inflation Rate)”。 這個(gè)數(shù)據(jù)的來源很簡單，同期限的國債收益率減去通脹保值債券(TIPS)的收益率。 比方說，美國十年期盈虧平衡通脹率=美國十年期國債收益率-十年期通脹保值債券。

　　通貨膨脹保值債券(Treasury Inflation-Protected Securities，簡稱TIPS)又稱通脹保值債券，是美國財(cái)政部發(fā)行的與消費(fèi)者價(jià)格指數(shù)(CPI)掛鉤的債券，始于1997年。

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