The left hand chart gives the market based pricing for inflation. 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 right hand chart breaks the nominal yield on 10-year U.S. Treasury into two components—the real yield and inflation expectations. These two pieces can move in opposite direction which means the overall yield may not change, but there is plenty occurring beneath the surface.