Figure 3. Average difference between TBI rates and CPI-U inflation rates for maturity horizons ranging from 6 months to 15 years, July 2003–January 2018
Maturity horizon (years) Average difference (basis points)

0.5

-79.94

1.0

-69.22

1.5

-58.03

2.0

-46.95

2.5

-38.18

3.0

-30.55

3.5

-24.27

4.0

-22.37

4.5

-17.58

5.0

-10.24

5.5

-5.12

6.0

0.70

6.5

6.00

7.0

9.08

7.5

16.13

8.0

21.19

8.5

27.44

9.0

37.56

9.5

48.92

10.0

46.93

10.5

47.99

11.0

50.37

11.5

54.26

12.0

53.32

12.5

53.13

13.0

51.19

13.5

45.10

14.0

27.53

14.5

9.01

15.0

18.82

Note: TBI = Treasury Breakeven Inflation; CPI-U = Consumer Price Index for All Urban Consumers.

Source: U.S. Bureau of Labor Statistics and U.S. Department of the Treasury.