This page illustrates two indicators on inflation expectations. The left shows the inflation swap rates, which are a measure of investors' inflation expectations. Central banks sometimes take this reading into account to gauge market expectation when considering policy shifts. On the right, we have the difference between the 10-year and 2-year U.S. Treasury yield. When this inverts or turns negative, it has historically been a frequently used indicator of upcoming recession. A steep, positively sloped yield curve implies high inflation expectations.