This chart shows Inflation expected by investors, in relation to the S&P 500. This number is derived by subtracting the 10 year Inflation-Protected Securities (TIPS) rate from the 10 Year Treasury rate. Because these are heavily-traded securities in an open market, this implies that investors are discounting the TIPS (relative to the 10-yr treasury) by the inflation rate expected over the next ten years. This is the implied anticipated Inflation rate expected by the market.
= recessions
= recessions