The left hand chart gives the market based pricing for inflation for the long run. The 5Y5Y measures of inflation reflects the inflation outlook for five years starting five years from now. Inflation expectations have risen with the economic recovery. However, central banks have a greater focus on actual inflation rather than expected inflation. The U.S. Federal Reserve has adopted an average inflation targeting framework, where it will only raise interest rates when inflation averages its 2% target over the medium term. This means that a period of below target inflation must be matched by a period of above target inflation.