Bond markets are not pricing in a historic inflation surge
%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5%
US 10 year breakeven inflation rate
UK 10 year implied inflation yield
3.7%
2.2%