On this page, we look at what is happening in the U.S. treasury yield market as it can suggest what the market is expecting in the future. On the left, we have the breakeven yield and real yield. The 10-year breakeven yield reading can be used to show what the market expects inflation to be in the next 10 years. Central banks sometimes take this reading into account to gauge market expectation when considering policy shifts, and interest rate moves will have a number of implications for how asset prices move. On the right, we have the spread between the 10-year and 2-year yield. This has been a closely-observed indicator as when this turns negative, it has historically suggested an upcoming recession.