Expectations for longer-term US inflation are moderating from a recent peak as the bond market sees slowing economic data as a signal that the Federal Reserve will soon end its interest-rate hikes. The so-called breakeven rate on five-year five-year forwards, an indicator of future inflation pressure, eased below 2.3% this week — compared to a peak of more than 2.5% about a month ago, according to data compiled by Bloomberg. The gauge, which is measured by a five year swap that starts in 2028, smooths out near-term drivers of inflation such as commodity-price spikes, offering a clearer view on long-term expectations. ... (full story)