It´s been hard to even remember it was “inflation day” in the economic calendar. It has been a non-event altogether. If you haven´t been following it closely, or if you only listen to the likes of Ron Paul or Peter Schiff, you may be interested in this chart.

It shows expected inflation from 1 to 10 years ahead calculated every month by the diligent people at the Atlanta Cleveland Fed. The Dec 07 line, for example, indicates the “expected inflation curve” captured after the release of the November 07 CPI, and so on.

Over the first year of the “Great Recession” inflation expectations, mirroring NGDP dropped like a stone. It backed up in 09 but fell again afterwards so that today´s medium to long term inflation expectations is even lower than at the “deep end” of the recession in 2008!