Along with his colleagues on the Federal Reserve Board, Vice Chairman Richard Clarida watches inflation expectations closely. One of his favorite indicators just headed south. Preliminary data released Friday show that a gauge the University of Michigan compiles on the five-to-10-year inflation outlook slipped to 2.3 percent in February, matching the lowest on record. That’s notable because Clarida said in late November that the index was “within -- but I believe at the lower end of -- the range consistent with price stability.” It had been bouncing between 2.4 percent and 2.6 percent. Slow inflation has been ... (full story)