Christmas may have come early for central bankers in some advanced economies. Deflationary forces have abated amid firming commodity prices and a sustained labor-market improvements, contributing to a recent sell-off in many developed-market sovereign bonds. Calls for expansionary fiscal policy to buoy growth going forward have also helped shift the mood. Market-based measures of inflation compensation in the U.S., euro area, and U.K. may be in the nascent stages of reversing a downwards trend accentuated by the collapse in crude prices from 2014 onwards, and have in recent weeks recovered toward levels that ... (full story)