3 - 0.2 0.1 —30yr inflation swaps minus TIPS BEs Jan-10 Jan-11 Jan-12 Jan -I3 Jan-14 Jan-15 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-1S Sara Bleamberg sal Dana. ant I US CPI-U NSA y,,,, actual and forecast 60 50 4.0 30 2.0 10 00 -1.0 .20 •3.0 Aug-04 Aug-06 Aug-08 Aug-10 Aug-12 Aug-1