10-Year Breakeven Inflation Rate by Country
Latest released 10-Year Breakeven Inflation Rate value for every supported currency, with the previous reading, the change between releases, reference date, frequency, unit, and source.
/api/v1/announcements/{currency}/breakeven_inflation_rate. Non-USD endpoints require an API key query parameter.| Country / Currency | Latest | Previous | Change | Reference | Frequency | Unit | Source |
|---|---|---|---|---|---|---|---|
|
United States
USD · US Dollar
|
2.48
01 May 2026
|
2.46
30 Apr 2026
|
▲ +0.02 | 01 May 2026 | Daily | Percent | FRED (Treasury) |
|
Eurozone
EUR · Euro
|
0.41
01 Apr 2026
|
0.44
01 Mar 2026
|
▼ -0.03 | 01 Apr 2026 | Monthly | % | ECB/Eurostat |
What is 10-Year Breakeven Inflation Rate?
The breakeven inflation rate is the difference between a nominal government bond yield and an inflation-linked bond yield of the same maturity (typically 10 years). It approximates the rate of inflation that would make holding the two bonds equally profitable — i.e. the market's pricing of average future inflation.
Why it matters for FX
Breakevens are the highest-frequency, market-implied gauge of inflation expectations. They move on every CPI print, every Fed speech, and every commodity-price move. Sharp breakeven widening warns the central bank that anchoring is slipping; tightening supports a dovish pivot. Real yields (nominal minus breakeven) are a cleaner FX driver than nominal yields alone.
How to read this page
Compare current breakevens to the central bank's inflation target. Watch the 5y5y forward (the 5-year breakeven five years out) for anchoring rather than the spot 5y or 10y. Liquidity premia distort levels in stressed markets.
What to watch for
- 5y5y forward as the anchoring gauge
- Real yields = nominal yield minus breakeven
- Liquidity-premium distortions in stressed markets
- Energy-price feedthrough to short-end breakevens
- Breakeven divergence vs survey expectations