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  "notes": "The chart displays three lines representing different inflation breakeven tenors and their respective averages as dashed lines.",
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      "kind": "callout",
      "text": "Long-term inflation breakevens have all risen above post-pandemic averages...",
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      "text": "U.S. 5Y, 7Y, 10Y inflation breakevens (%) with post-pandemic averages",
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      "text": "Source: Bloomberg, MSIM. As of February 11, 2025. “Inflation breakevens” are a market-based measure of inflation expectations. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Forecasts/estimates are based on current market conditions, subject to change, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "US 5Y Breakeven, US 7Y Breakeven, US 10Y Breakeven, 5Y Breakeven Avg, 7Y Breakeven Avg, 10Y Breakeven Avg",
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      "text": "Are tariffs inflationary? On the one hand, without a monetary offset the impact is just a one-off increase in prices which are then subject to substitution effects. On the other, tariffs disrupt supply chains and create inefficiencies that may lead to sustained inflationary impulses. Thus far, markets seem to have sided with the latter argument, with longer-term breakevens all moving above post-pandemic averages for the first time since late 2022.",
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